Singapore NODX dropped by 6.2% in August

Blame it on 'worst combination ever'.

According to CIMB, NODX contracted 6.2% yoy in Aug (consensus: +2.4%, CIMB: +1.1%), following a 1.9% dip in Jul.

Its drag came from the worst combination possible: fewer working days because of Hari Raya Aidilfitri and National Day that exaggerated the declines for pharmaceuticals and tech; and an absence of lumpy items.

Here's more from CIMB:

On the surface, tech DX is on the mend: Aug’s tech DX (33% of NODX) fell 9.2% yoy vs. an average decline of -12.2% yoy in the previous three months.

YTD, tech DX has declined 13.4% yoy (2012: -4.1%, 2011: -11.6%). Last month was its 13th consecutive month of yoy decline and adjusted for the number of working days, tech DX dipped marginally to S$179m a day from Jul’s S$180m, lower than its average of S$185m a day over May/Jun.

Aug’s tech DX was supported by semiconductors (14% of NODX, top exports) worth S$77m a day (-14.6% yoy) vs. S$78m a day in Jul (-9.5% yoy). For a sustainable tech recovery, we must see firmer chip sales, supported by new product launches.

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