NODX to Japan contracted 6.9% in March 2011

Non-oil domestic exports to all top 10 NODX markets, except China, the EU 27, the US and Taiwan, fell in March 2011.

According to OCBC, Hong Kong, Indonesia and Japan led the declines.

The 6.9% yoy decline of NODX to Japan was due to electronics, especially disk drives, ICs and parts of ICs.

Q1 flash manufacturing growth of 13.9% yoy could be revised down following the March NODX data, with all other things held the same.

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