Singapore's weak January NODX dragged by electronic exports

NODX shrank 1.8% MoM.

According to OCBC, NODX in Jan came in weaker than expected at +0.5% yoy (-1.8% MoM) in Jan, dragged down by electronic exports which fell more than expected by 5.6% yoy (forecast: -0.5%) in Jan (albeit less than Dec’s -19.1% YoY) and suggesting a soft start to the year. 

Only half of the top 10 NODX markets saw growth in Jan, led by China, Taiwan and Japan, whereas NODX fell the most in the EU 27, the US, Thailand, Hong Kong and South Korea.

Here's more from OCBC:

Meanwhile, retail sales unexpectedly contracted 0.9% mom sa (-1.5% YoY) in Dec, undershooting our expectations for +1.4% MoM (+0.1% YoY), as motor vehicles sales fell 6.1% YoY.

Retail sales excluding motor vehicles also slipped 0.4% in Dec following a 1.9% gain in Nov. Meanwhile, a BT-KPMG panel has urged the government to go beyond the current paradigm in its productivity push.

Meanwhile, the ASME president has called for an extension as well as a higher ceiling for the SME cash grant in the upcoming Budget.