Singapore NODX strength faces regional pressure

A prevailing weakness in regional trade could hamper the country's suprisingly robust non-oil domestic exports, says BofAML.

"Singapore’s June non-oil domestic exports came in better than expected, increasing by 6.8% yoy," said Bank of America Merrill Lynch in its Global Economic Weekly report after official NODX nudged up 6.8% in June based on official data. "But our Asian economists look for the softness in regional trade to continue."

BofAML also said it expects Singapore June CPI inflation to hit 5.3%. Also, industrial production "probably grew at a tepid +2.1% in June." Official inflation numbers are scheduled to come out today while industrial production data are slated for release on Thursday.