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.
READ MORE:
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Putin plans to meet Xi in China days after his new term starts
Biden vetoes bid to repeal US labour board rule on contract, franchise workers
Economic leaders of South Korea, Japan, China say FX volatility is a risk
US automakers win extension on use of Chinese graphite in EV tax credits
US service sector contracts in April; price pressures up
Thaksin’s daughter calls central bank independence an ‘obstacle’