- City-state's non-oil domestic outflows declined for 6 straight months
According to Nikkei Asia article published on April 17, 2023, Singapore's March non-oil domestic exports (NODX) shrank 8.3% year-on-year, official data showed on Monday, though the drop was smaller than the previous month and less than forecast.
Economists had expected a 20.8% contraction in a Reuters poll. Exports had contracted 15.8% in February.
On a seasonally adjusted month-on-month basis, NODX increased 18.4%, Enterprise Singapore data showed, versus the prior month's 8.2% decline. Economists had forecast 1.7% growth.
The trade reliant city-state has now recorded six consecutive months of year-on-year contraction in the NODX, amid concerns over the economic outlook.
The Monetary Authority of Singapore (MAS) left its monetary policy settings unchanged last week, even though the inflation rate remains elevated, reflecting policy makers' concerns about its growth outlook.
