NODX growth could hit the lower end of the 4.0%-6.0% forecast

In 1Q24, NODX declined 3.4% YoY.

EnterpriseSG said NODX growth for the year could land at the lower end of its 4.0% to 6.0% forecast following the worse-than-expected 1Q24 performance.

In the first quarter of 2024, non-oil domestic exports (NODX) experienced a decline of 3.4% year-on-year, primarily driven by non-electronics, which contracted by 3.8% YoY.

The main contributors to the non-electronics decline were pharmaceuticals (-25.9%), structures of ships & boats (-93.3%) and electrical circuit apparatus (-22.3%).

Despite the weak NODX in 1Q24, EnterpriseSG said the recovery in electronics demand and normalisation of inventory levels will support recovery in 2H24.

“A net weighted balance of 40% of firms in the electronics cluster projected positive business prospects for the April to September 2024 period, compared to the first quarter of 2024. Similarly, global semiconductor revenue is projected to be 17.4% higher y-o-y in 2024, a turnaround from 2023’s 11.7% decline,” EnterpriseSG.

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Enterprise Singapore

non-oil domestic exports (NODX)

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