Chart of the Day: Singapore NODX jumped 5% in April

Thanks to strong pharma growth.

Singapore’s April NODX kicked off in 2Q with a nice bounce as it rose 8.2%m/m sa in US$ terms, leaving the figures stronger than expected at-0.5%oya. As a result, NODX grew 5.0% 3m/3m, saar from -1.0% in March, said J.P. Morgan.

Here's more:

The gain was broad-based, with electronics, pharma, and other exports all up on the month. In the details, electronics exports rose 10.0%m/m, sa in April, while pharma was up 17.4% and other exports gained 6.0%.

Most of these gains did however come on the back of similar size declines in March and thus the trend growth rates remain subdued. Indeed, electronics were down 10.7%3m/3m, saar in April from -19.7% in March while pharma exports fell 13.4% from -24.6%. Only non electronic and non pharma exports fared well, up 17.1% from 14.6% in March.

Looking ahead, we expect NODX will firm on the back of stronger global momentum in 2Q. Even with some modest payback in May, sequential trend and over-year-ago NODX growth rates should turn positive again by the end of this month.

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