GDP unlikely to overshoot upper end of 1-3% forecast after April NODX slide: Citi

SINGAPORE (May 17): Singapore’s export recovery came to a sudden halt in April as the sharp decline in pharmaceuticals weighed on non-oil domestic exports (NODX).

NODX declined for the first time in six months by 0.7% from a year ago, dragged down by the 2.9% fall in non-electronic products while electronics growth of 4.8% moderated slightly from March. Non-oil re-exports, a proxy for wholesale trade services, fell by 0.1% from a year ago after four months of improvement, also weighed down by a 3.8% fall in non-electronics exports.

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