Singapore: Non-oil domestic exports up 1 per cent year-on-year in November 2023

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On December 18, 2023, Non-oil domestic exports (Nodx) in November rose 1 per cent from a low base a year ago, snapping 13 straight months of decline, data from Enterprise Singapore (EnterpriseSG) showed on Dec 18 (Monday). The turnaround came after a revised 3.5 per cent fall in October.

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The November reading was slightly short of Bloomberg’s consensus forecast for 1.5 per cent growth.

Economists said that while the upturn in November’s Nodx numbers was encouraging, any further recovery will be tentative and gradual as elevated interest rates continue to weigh on major global economies and China remains in the doldrums.

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