Non-Oil Domestic Exports Show Rebound in Key Markets, but Risks Persist
September’s trade data has sparked cautious optimism among economists, as Singapore’s key exports show signs of recovery. A notable rebound in non-oil domestic exports (NODX) to major markets such as China, Hong Kong, and the US contributed to the positive outlook. Exports to China surged by 26.2% year-on-year, marking the strongest performance since December 2021, while shipments to Hong Kong increased by 55% year-on-year, bouncing back from a previous decline.
This growth offers hope for the Singaporean economy, although experts remain wary of the ongoing risks posed by geopolitical tensions. Despite these challenges, the September figures signal a potential turning point in the global economic landscape, with Singapore’s export performance hinting at a nascent recovery.
