Thursday, August 17, 2017 - 4:49:21

Singapore’s trade growth forecast narrowed


International Enterprise Singapore (IE Singapore) has trimmed its forecast for the country’s total trade growth from 1-3 percent to 1.5-2.5 percent in 2014 and its non-oil domestic exports (NODX) growth from 1-3 percent to between -2 and -1 percent.

The revised trade numbers came after Singapore Ministry of Trade and Industry adjusted its full-year economic growth forecast from 2-4 percent to 2.5-3.5 per cent.

According to IE Singapore’s statement released on August 13, in the first half of the year, total trade rose 5 percent but NODX fell 2.3 percent year on year.

NODX shipments to the top 10 markets - except for Hong Kong, the European Union and Thailand , fell in the first half. China was Singapore 's biggest market with 15.2 percent of total NODX, which jumped 16.4 percent. Exports to the US rose 3.8 percent and they increased 8.2 percent to Malaysia and 2.3 percent to Indonesia .

NODX shipments to Hong Kong plunged 22.6 percent in the first half; to the EU, down 10.5 percent; and to Thailand , down 6.4 percent.-VNA

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