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NON-OIL domestic exports (NODX) growth forecast for the year has been narrowed to 1.0 to 2.0 per cent year-on-year, while total trade is tipped to fall by a bigger minus 10.5 to minus 9.5 per cent.
Making the downward adjustments in its latest projections in Singapore's trade performance, trade promotion agency International Enterprise Singapore said on Tuesday morning that global economic growth has been weaker than expected in the first half of the year.
While the advanced economies are expected to see a gradual rebound for the rest of the year, the outlook for the regional economies has generally softened, according to IE Singapore.
Downward pressures in oil prices is also likely to continue to depress oil trade further in nominal terms, it added.
NODX growth has eased from 4.8 per cent in the first quarter to 2.1 per cent in the second quarter, according to IE Singapore. Total trade declined 10.6 per cent in the second quarter, extending the 10.5 per cent drop in the previous quarter.
Non-oil re-exports dipped 1.1 per cent after a 5.0 per cent increase in the first quarter.
But total services trade jumped 2.4 per cent to S$90.4 billion in the second quarter, against a 0.6 per cent rise in the first quarter.