Singapore NODX down 0.1% in 2015; forecast stays at 0 to 2 per cent for 2016

SINGAPORE's trade performance is tipped to be a bit better in 2016, despite a softer global economic outlook since the start of the year and after the poor showing in 2015.

The official growth forecast for the key non-oil domestic exports (NODX) is maintained at between 0.0 and 2.0 per cent while that for total merchandise trade is adjusted down to between minus 0.1 and 1.0 per cent.

Total merchandise trade tumbled 9.5 per cent to S$884.1 billion in 2015, against a 0.1 per cent rise in 2014, trade promotion agency International Enterprise Singapore reported. The NODX dipped 0.1 per cent after a 1.5 per cent decline.

Non-oil re-exports rose 1.9 per cent in 2015, compared with a 3.9 per cent jump in 2014.

Singapore's total services trade growth eased to 0.3 per cent to hit S$389.2 billion, following a 8.1 per cent increase in the year before.