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Singapore exports tipped to stay firm in 2022 despite global slowdown risks

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Annabeth Leow

Annabeth Leow

Published Fri, Jun 17, 2022 · 02:32 PM
    • Headline NODX to most of Singapore’s top 10 markets rose year on year in May, despite declines in exports to the US, the European Union, Hong Kong and South Korea.
    • Headline NODX to most of Singapore’s top 10 markets rose year on year in May, despite declines in exports to the US, the European Union, Hong Kong and South Korea. PHOTO: AFP

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    SINGAPORE’S trade sector is expected to stay resilient in 2022, despite rising threats to external demand in key end-markets, economists indicated on Friday (Jun 17).

    That’s as non-oil domestic exports (NODX) beat market forecasts in May to rise by 12.4 per cent year on year, which trade agency Enterprise Singapore (ESG) attributed to a year-ago low base.

    Watchers noted that the NODX momentum is broad-based, even with Chinese growth crimped by coronavirus-related lockdowns and the United States risking recession amid red-hot inflation.

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