Volatile pharma and food could dent NODX growth in May

Moody’s forecasts it could fall to 5.5%.

Singapore's nonoil domestic exports (NODX) likely cooled to 5.5% YoY in May after the 11.8% YoY gain in April following the 3.2% drop in March, Moody’s Analytics said.

According to its forecast, the more volatile pharmaceuticals and food preparations categories were up by 43.7% and 140.6% YoY, respectively, in April, critical to the rebound over the month. “We expect they lost some ground by May,” it added.

Also read: NODX rebounds 11.8% in April as shipments to China and US expand

The jump in April was entirely thanks to non-tech-related products; electronics were down by 6.9% in April, whilst non-electronics shipments gained 19.6%.

“Global tech demand has passed its peak, but the annual falls in electronic shipments are overstated because of a high base,” the firm added.