Singapore non-oil domestic exports contract by 0.7% in 2014

Non-oil domestic exports are tipped to grow 1.0-3.0 per cent over a year ago, after dipping 0.7 per cent in 2014.

While the growth forecast for the NODX is maintained, International Enterprise Singapore has trimmed the earlier projections for total merchandise growth for this year to between -7.0 per cent and -5.0 per cent.

This is a comedown after 2014 when total merchandise trade rose just 0.3 per cent to S$982.7 billion, picking up from a 0.5 per cent fall in 2013, according to the trade promotion agency.

Non-oil re-exports jumped 4.0 per cent in 2014, growing slower than the 9.8 per cent posted in 2013, IE Singapore said in its review of trade performance for last year.

Singapore's total services trade increased by 2.4 per cent to S$357.3 billion in 2014, in contrast to an 8.9 per cent rise in 2013.

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