NODX 2020 growth forecast raised to 3-5 per cent

Singapore

THANKS to better-than-expected shipments of certain products and a low base, Singapore's non-oil domestic exports (NODX) grew 6.5 per cent in April-June, higher than the revised 5.4 per cent (5.8 per cent initially) rise in the first quarter - tighter restrictions on movements and economic activities notwithstanding.

The projected worst-case-scenario for global trade unlikely to happen, as well as improved oil prices have jointly led Enterprise Singapore (ESG) to raise its trade forecasts for the full year - its third revision so far in this year of the coronavirus pandemic. The government trade promotion agency now sees a 2020 NODX growth of 3.0 to 5.0 per cent, instead of a contraction of 1.0 to 4.0 per cent as previously forecast.