Year on year changes (YOY):
February 2018: -5.9%
January 2018: 13%
December 2017: 3.1%
November 2017: 9.1%
October 2017: 20.9%
September 2017: -1.1%
August 2017: 16.7%
July 2017: 8.5%
June 2017: 8.2%
May 2017: -1.2%
Apr 2017: -0.7%
Mar 2017: 16.5%
Feb 2017: 21.1%
Jan 2017: 8.6%
May 2017: -1.2%
Apr 2017: -0.7%
Mar 2017: 16.5%
Feb 2017: 21.1%
Jan 2017: 8.6%
Analysts attributed the fall in Feb NODX to the Lunar New Year holiday as exports to China plunged heavily. However, the JAN & FEB 2017 NODX increased by 8.6% and 21.1% respectively. Therefore, the FEB 2018 fall is not purely due to the CNY effect because CNY usually occurs in Jan or Feb.
What the NODX's trend is showing is that the Singapore economy is closely tied to China now.
https://sg-stock.blogspot.sg/2018/02/singapores-nodx-upped-13-yoy-in-january.html
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