Singapore's 2015 NODX, trade growth forecasts trimmed again (Amended)

WORSENED performance in Singapore's third-quarter trade has led trade promotion agency International Enterprise Singapore to trim its 2015 year-on-year growth forecasts for trade and non-oil domestic exports (NODX) for a third time.

Total merchandise trade is tipped to fall between 10.0 and 10.5 per cent for the full year, down from earlier forecasts of 5-7 and 9.5-10.5 per cent declines. NODX growth is expected to be 0.5-1.0 per cent, adjusted down from 1-3 and 1-2 per cent.

The latest downward revisions came after third-quarter trade slipped 8.5 per cent and NODX dipped 3.0 per cent. Second-quarter trade plunged 10.7 per cent while NODX rose 2.1 per cent.

But non-oil re-exports increased 2.1 per cent in the the quarter after a second-quarter decline of 1.5 per cent.

Total services trade also rose 1.9 per cent to S$90.8 billion, though the rise was smaller than the second quarter's 2.3 per cent.

Correction note:

The earlier version of the story reported that second-quarter trade plunged 10.7 per cent while NODX fell 2.1 per cent. It should have been second-quarter trade plunged 10.7 per cent while NODX rose 2.1 per cent. We are sorry for the error.