Missing the mark: Exports disappoint yet again with measly 1.6% gain in November

It’s well below consensus estimates.

Singapore’s non-oil domestic exports recorded a measly 1.6% year-on-year expansion, falling short of Bloomberg consensus estimates for a much stronger 3.9% year-on-year growth.

According to UOB, non-electronic exports contributed to the headline improvement but decline in the electronic exports continued to exert its drag on November exports.

“Despite the November rebound, Singapore’s NODX still painted a weak picture as the year-to-date NODX remained in contraction territory on the back of the anemic electronics exports which is set to continue as the electronics sector undergoes restructuring. We still maintain our 2014 NODX growth forecast of -1.0% as electronic NODX continues to fall,” noted UOB.