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Singapore NODX surprises with sharp 9.7% contraction in February
On back of a large decline in total trade.
Singapore’s non-oil domestic exports surprised with a sharp 9.7% year-on-year contraction in February, outpacing analyst expectations of a mild 0.9% contraction.
The decline follows three straight months of increase and was driven by an 18.2% contraction in total trade. Electronic NODX decreased by 12.5%, while non-electronic NODX contracted by 8.5%.
On a y-o-y basis, NODX to all of the top 10 export markets decreased except to South Korea, the US, Thailand and Malaysia. The top three contributors to the NODX expansion in February 2015 were the China, Japan and Taiwan.
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