Chart of the Day: Why Singapore's April NODX left analysts' mouth agape

Electronics, pharma, other exports jumped impressively.

It must have been a good trading month for Singapore as its April NODX spiked 8.2%, fueling a more positive expectation for the country's year-end NODX.

According to J.P. Morgan, Singapore’s April non-oil domestic exports (NODX) rose 8.2%m/m sa in US$ terms, leaving them stronger than expected at -0.5%oya (JPMorgan -9.8%oya; consensus -4.6%oya). 

As a result, NODX grew 5.0%3m/3m, saar from -1.0% in March. The gain was broad-based, with electronics, pharma, and other exports all up on the month.

Here's more from J.P. Morgan:

In the details, electronics exports rose 10.0%m/m, sa in April, while pharma was up 17.4% and other exports gained 6.0%. Most of these gains did however come on the back of similar size declines in March and thus the trend growth rates remain subdued. Indeed, electronics were down 10.7%3m/3m, saar in April from -19.7% in March while pharma exports fell 13.4% from -24.6%. Only non electronic and non pharma exports fared well, up 17.1% from 14.6% in March.

Looking ahead, we expect NODX will firm on the back of stronger global momentum in 2Q. Even with some modest payback in May, sequential trend and over-year-ago NODX growth rates should turn positive again by the end of this month.