NODX exports register slowest growth for year

Not surprise by this piece of news, the economy can't grow at the rate like the first half of this year, simply not sustainable.

Other notable nugget of news includes a pick up on en bloc deals, a surge in property sales for last month, a huge supply of homes by the way of government land sales and of course the Seventh-month.

My guess is there might be a moderation in the buying mood, this month and probably the next. The market here comes in fits & starts. So you won't know when it will suddenly pick up again.

from TODAY: NODX exports register slowest growth for year

by Ephraim Seow | Aug 18

SINGAPORE - Singapore's non-oil domestic exports (Nodx) registered their slowest growth so far this year, dragged by a lagging pharmaceutical sector.

Data released yesterday by the trade promotion agency, International Enterprise (IE) Singapore, showed that Nodx grew18 per cent last month from July last year, lower than the 28 per cent growth in June.

On a month-on-month seasonally adjusted basis, Nodx fell 3.9 per cent, compared to the 0.1 per cent contraction in June.

Action Economics director David Cohen said: "The pharmaceutical sector is a big factor contributing to the smaller growth ... Besides, Singapore's economy is moderating after getting ahead of itself."

The volatile pharmaceutical sector contracted 23.5 per cent last month compared to July last year, retreating from the 29.7 per cent gain in June. Industry experts say this year is appearing to be a year of two halves. After the stellar performance in the first six months, last month's Nodx presages a slower second half. They say Nodx growth will likely plateau at the lower end or even slightly under IE Singapore's forecast of 17 per cent to 19 per cent.

"With concerns of the sustainability of the global recovery in the coming months, unemployment remaining stubbornly high in G3 markets and lingering Europe sovereign debt concerns, we could yet see more significant moderation in Nodx growth in the second half this year," said Mr Alvin Liew, economist at Southeast Asia, Global Research, Standard Chartered.

Uncertain external conditions will impact demand for electronics in the next few months. However, this is buffered by demand arising from the recent launches of smartphones and Apple's iPad, the experts said.

Last month, electronic Nodx rose 26 per cent, after the 44 per cent increase in June and non-electronic Nodx grew by 14 per cent, after the previous month's 21 per cent rise.