Singapore’s non-oil domestic exports contract for third consecutive month in May

18 June, 2019
By Michelle Chia, Economist, CIMB Research and Economic and Sofea Azahar, Economist, CIMB Research and Economics

HIGHLIGHTS May 2019 trade NODX slumped 15.9% yoy in May, the slowest since March 2016, dampened by weaknesses in non-electronics and electronics. Singapore’s trade outlook would likely remain bleak as the downturn in electronics

Singapore’s industrial production index rises 0.1% in April, beating expectations

27 May, 2019
By Michelle Chia, Economist, CIMB Research and Economic and Sofea Azahar, Economist, CIMB Research and Economics

HIGHLIGHTS Singapore’s industrial production index rises 0.1% in April, beating expectations Singapore’s IPI increased 0.1% yoy in Apr due to sharp improvements in semiconductor output, but the rebound could be short-lived. Early read-through from

Singapore’s non-oil domestic exports weakens 10% in April

21 May, 2019
By Michelle Chia, Economist, CIMB Research and Economic and Sofea Azahar, Economist, CIMB Research and Economics

HIGHLIGHTS April 2019 trade NODX plunged 10% in April, on weakness in electronics and non-electronics. Downside risks to Singapore’s GDP growth and inflation outlook have intensified as protracted US-China talks weigh on trade recovery

Singapore: March 2019 industrial production

29 April, 2019
By Michelle Chia, Economist, CIMB Research and Economic and Sofea Azahar, Economist, CIMB Research and Economics

HIGHLIGHTS March 2019 industrial production The IPI contracted by 4.8% yoy in March due to declines in all clusters except for biomed, transport engineering and general manufacturing. External headwinds and benign core inflation risks

Singapore: MAS monetary policy review

16 April, 2019
By Michelle Chia, Economist, CIMB Research and Economic and Sofea Azahar, Economist, CIMB Research and Economics

HIGHLIGHTS MAS monetary policy review MAS kept its monetary policy stance unchanged today as real GDP growth eased to 1.3% yoy in 1Q19 amid accelerating headwinds in manufacturing MAS expects 2019F GDP growth slightly

Singapore: February 2019 industrial production

27 March, 2019
By Michelle Chia, Economist, CIMB Research and Economic and Sofea Azahar, Economist, CIMB Research and Economics

HIGHLIGHTS February 2019 industrial production Industrial output rose by 0.7% yoy in February on gains in biomedical, and slower declines in electronics and precision engineering. Notably, January’s readings were revised from -3.1% yoy to

Singapore: January 2019 industrial production

1 March, 2019
By Michelle Chia, Economist, CIMB Research and Economic and Sofea Azahar, Economist, CIMB Research and Economics

HIGHLIGHTS January 2019 industrial production Singapore‟s IPI fell 3.1% yoy in Jan, the first decline in 13 months, due to setbacks in the electronics and precision engineering clusters. Potential de-escalation in US-China trade tensions

Singapore: September 2018 trade

22 October, 2018
By Michelle Chia, Economist, CIMB Research and Economic and Sofea Azahar, Economist, CIMB Research and Economics

HIGHLIGHTS September 2018 trade NODX jumped to 8.3% yoy in September after a slower gain of 5.0% yoy in August due to sturdier growth in pharmaceuticals and narrower contraction in electronics. MAS raised the

Singapore: MAS monetary policy review

17 October, 2018
By Michelle Chia, Economist, CIMB Research and Economic and Sofea Azahar, Economist, CIMB Research and Economics

HIGHLIGHTS MAS monetary policy review MAS steepened the slope of the S$NEER slightly, while maintaining the width and centre of the policy band, signaling further tightening of monetary policy. The policy decision was underpinned

Vietnam: Growth remains robust

1 October, 2018
By Michelle Chia, Economist, CIMB Research and Economic and Sofea Azahar, Economist, CIMB Research and Economics

HIGHLIGHTS Vietnam: Growth remains robust Vietnam’s economy expanded 7.1% yoy in 1H18 and we forecast GDP growth to be reported at 6.8% yoy for 3Q18. Depreciation pressures on the dong have eased but still