Will exports still provide a boost to Singapore's economy?

Analysts have lowered their export growth forecast.

Singapore's export strength has been giving a fillip to its economy after emerging from the YoY contraction in November 2016.

To recall, Singapore's non-oil domestic exports (NODX) momentum surged in 1Q17. Specifically, NODX value rose by +15.2% YoY in 1Q17, a report by Morgan Stanley said.

However, looking at the prospects for the sector, economists and analysts surveyed by the Monetary Authority of Singapore lowered their growth forecast for NODX to 5.6%, down from the 6.1% seen last year.

"There have been questions on whether the export recovery could be sustained after April NODX saw a reversal from the previous strong growth and contracted unexpectedly," Morgan Stanley said.

It furthered, "Given MS global macro team’s view that the global expansion is now on a surer footing,as it is being driven by a recovery in private sector demand, we think the rising global tide will help to lift Singapore’s exporters and the weak NODX print in April is likely an aberration."