NODX to expand by 6.0% in 2024

Economists said base effects will drive recovery in NODX.

Experts from UOB predict that Singapore’s non-oil domestic exports (NODX) will grow 6.0% in 2024, the upper end of the government’s official forecast.

“The recovery in NODX will be largely driven by base effects given the sharp double-digit year-on-year decline seen in electronics NODX from November 2022 to September 2023 although the sequential recovery could be challenging in 1H24 given tight financial conditions in the US and EU,” UOB said.

In February 2024, NODX posted a mild 0.1% YoY contraction following a 16.7% YoY increase in January.

“The Jan-Feb data points to an ongoing recovery in NODX, expanding by 8.4% YoY, which is arguably a more reliable assessment as it partly accounts for the Lunar New Year holiday effects,” UOB added.

READ MORE: Non-oil domestic exports slip by 0.1% YoY in February