Singapore March NODX +12.1% y/y (vs. expected +2.6%)

Singapore March NODX +12.1% y/y

• expected +2.6%, prior +4.2%

For the m/m, +1.2% (SA)

• expected -4%, prior +8.3%

Singapore non-oil domestic exports. Earlier this week we got the Monetary Authority of Singapore policy statement:

• Monetary Authority of Singapore leaves monetary policy unchanged

The next MAS policy meeting is scheduled for October ... if economic performance in SG continues to beat like this a tightening is on the cards with little doubt (its already expected even 6 months out).