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Singapore non-oil exports grow for 5th quarter in a row in Q3, posts 8% jump

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Singapore's non-oil domestic exports (NODX) continued to grow for the fifth straight quarter in July-September, posting an 8.0 per cent jump over the past year and extending the 9.3 per cent rise in the second quarter.

SINGAPORE'S non-oil domestic exports (NODX) continued to grow for the fifth straight quarter in July-September, posting an 8.0 per cent jump over the past year and extending the 9.3 per cent rise in the second quarter.

Total trade rose for the eight consecutive quarter at 14.7 per cent in the third quarter, up from a 10.2 per cent increase in March-June, according to the latest trade numbers released by trade promotion agency Enterprise Singapore.

The better-than-expected showing, including an improvement in oil prices supported by oil trade, has led Enterprise Singapore to raise the official 2018 growth forecasts for trade sharply to 9.0-9.5 per cent and and NODX to 5.5-6.0 per cent. The last revisions were made in August when the forecasts were adjusted to 5.0-6.0 per cent for trade and 2.5-3.5 per cent for NODX.

Considering the higher base effects and with growth of key trade partners likely to ease, Enterprise Singapore expects growth in total trade and NODX in 2019 to be between zero and 2.0 per cent.

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Total services trade was up 3.0 per cent to S$120.2 billion in the third quarter of this year.