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Update: Singapore NODX expand 15.2% in Q1, full year 2017 growth forecast raised
SINGAPORE'S non-oil domestic exports (NODX) expanded by 15.2 per cent year-on-year in the first quarter of this year, extending the 2.7 per cent increase in the previous quarter, on increased shipments of both electronic and non-electronic products.
NODX to all top markets rose in Q1, with China, Taiwan and South Korea the biggest contributors to its rise. NODX to EU 28, however, slipped 0.4 per cent.
IE Singapore on Thursday raised its full year 2017 forecast for total trade and NODX to between 5 per cent to 7 per cent and 4 per cent to 6 per cent, respectively on the back of improved global economic and trade outlook since early this year.
Detailing the upgrade in a press conference, Jacelyn Teo, a group director at Internatonal Enterprise (IE) Singapore said: "We have upgraded the 2017 forecast for NODX growth from 0 to 2 per cent, to 4-6 per cent."
The improved outlook also took into account specific export-sector trends, particularly in the petrochemicals and electronics sectors, she added.
In Q1, domestic exports of electronic products, which made up 28 per cent of NODX, increased by 9 per cent, following the 1 per cent growth in Q4 2016.
Integrated circuits, parts of personal computers and disk media products all expanded, and contributed the most to the increase in electronic NODX.
Domestic exports of non-electronic products, which comprised 72 per cent of NODX, rose by 17.8 per cent over the year in Q1 2017, following the 3.5 per cent growth in Q4 2016. The largest contributors to the rise in non-electronic NODX were specialised machinery, petrochemicals and non-monetary gold.
Compared to a year ago, Singapore's total merchandise trade expanded by 16.3 per cent in Q1 2017, extending the 4 per cent increase in the previous quarter, as both oil and non-oil trade grew.
Total services trade rose by 4.3 per cent to reach S$106.8 billion in Q1, following the 3.4 per cent growth in Q4.