Chart of the Day: Is NODX on a positive trajectory?

It clocked a 9.4% growth in December.

It may seem like Singapore's non-oil domestic exports is on the rise, soarin 9.4% in December 2016. It remained robust despite growing slower compared to the 11.5% surge in the previous month.

However, RHB believes that exports will remain subdued this year, with the boost from higher commodity prices and global fiscal stimulus spending tampered by rising borrowing costs, currency volatility in ASEAN and rising uncertainty in G3.

Meanwhile, RHB said in the short-term non-oil retained intermediate imports (NORI) slowed but remained positive, while the semiconductor book-to-bill ratio came in at under one for the second consecutive month (0.96), pointing to slower manufacturing growth in the coming months.