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Non-Oil Domestic Exports In Singapore Plunged To Lowest Level In 3 Years

Fizah Hatman
Updated

This article was originally on GET.com at: Non-Oil Domestic Exports In Singapore Plunged To Lowest Level In 3 Years

Non-oil domestic exports (NODX) numbers in Singapore have plunged to their lowest in 3 years. The 15.6% fall last month was worse than the market forecast of a 12.3% drop.

The low export numbers could result in a downward revision to the first quarter manufacturing output and GDP (gross domestic product) growth figures.

The decline in March is said to be caused by the drop in exports for both electronics and non-electronics NODX. In light of this, Singapore’s economic outlook continues to be weak.

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For example, the NODX to EU fell 39.1%, after its 16.1% increase in February. The NODX to China fell 14%. NODX to Indonesia fell 20.2%, which was much worse than the 5.9% decrease in February.

The slowdown in China has weakened our exports to China and this has dampened our overall exports in the past year.

The gloomy economic outlook in Singapore has a trickle-down effect on the property market. Weak demand in Singapore properties has caused resale prices in HDBs and private properties to be stagnant.

HDB resale prices faced a slight fall last month, while prices for private resale flats increased minimally. As a result, property buyers are more risk-averse at this point in time.

Keen To Look For A Property?

If you’re looking to buy an HDB flat or a condo, the recent decline in rental and resale home prices is a good reason to start thinking about buying seriously.

Or if you’re looking for a home loan in Singapore, use a home loan comparison site like GET.com to help you make a decision.

On the other hand, if you are looking to refinance your home loan, here are 4 things you can consider when comparing home loans.

What do you think? Share your comments with us below!

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