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Commerzbank EM Country Briefing: Singapore - Exports collapsed, a reminder of G7 headwinds

September 17, 2012
Non-oil domestic exports (NODX) collapsed by -10.6% y/y due to declines in electronics (-11%) and non-electronics (-10.4%). The higher base played a part but it also reflects the downside risks to regional trade due to the G7 headwinds, China slowdown, and a challenging electronics sector. We see Q3 GDP at 1.4-1.8% y/y vs 2% in Q2 and 2012 at 1.9%. We expect MAS to adopt a more cautious stance at next month’s policy meeting but USD-SGD’s upside could be contained due to Fed QE. 

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