Singapore NODX non-oil domestic exports fall 10.5% in June 2008

This article belongs to the Singapore stagflation watch story arc.

channelnewsasia.com :

Singapore's key non-oil domestic exports (NODX) fell an annual 10.5% in June, pulled down by weaker shipments to the US market as well as to China and Europe, IE Singapore said Thursday [17 Jul 2008] in its monthly report. The drop was steeper than the 1.8% fall forecast in a Dow Jones poll of economists, and unchanged from the 10.5% decline seen in May. Electronics exports, which have been dropping since February last year, contracted 14.6%, while non-electronic shipments eased 7.9%. NODX to the US recorded the largest decline of 24.3% to S$1.5 billion. The monthly figures are a closely watched barometer of Singapore's export-led economy in which GDP was valued at S$243.17 billion last year.

Stagflation is stagnant or slowing economic growth, with high or rising inflation at the same time. We've got the slowing economic growth, and we've got the rising inflation. With NODX figures being a leading indicator, and Singapore's GDP growing only 1.9% in Q2 2008, and inflation still running at 26-year highs, official stagflation may not be too far away. The question now is, what can be done about it?

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