Singapore trade tipped to cool in 2022 but analysts rosy on upside to 'cautious' official forecast

SINGAPORE'S non-oil domestic export (NODX) growth will cool sharply in 2022 from a high base this year, though it is expected to stay in positive territory, official forecasts out on Wednesday (Nov 24) indicated.

Still, some economists are looking for upside to a projection that even trade agency Enterprise Singapore (ESG) acknowledged is conservative.

ESG has released a "cautiously optimistic forecast" for NODX growth of between zero and 2 per cent in 2022. It also upgraded its full-year forecast to between 9.5 per cent and 10 per cent in 2021 - putting the trade sector on track for its fastest growth since 2010 - but noted that "the pace of growth is expected to moderate in 2022 from the high base in 2021".