Singapore’s key exports up 0.2% in 2024; 2025 forecast unchanged
The full-year expansion, powered by higher electronic shipments, pulls NODX out of 13.1% contraction mode in 2023
SINGAPORE’S non-oil domestic exports (NODX) grew 0.2 per cent for the whole of 2024, reversing from the 13.1 per cent contraction recorded in the previous year, due to higher shipments of electronic products, data from Enterprise Singapore (EnterpriseSG) showed on Friday (Feb 14).
Electronic shipments grew 8.2 per cent in 2024, a turnaround from the 19.7 per cent contraction the year before. This was due to growth in integrated circuits, disk media products and PC shipments, which contributed the most to the growth in electronic NODX, said Enterprise SG.
Non-electronic NODX shrank 1.9 per cent last year, easing from the 11.1 per cent decline in 2023. This was largely due to lower domestic exports of pharmaceuticals, specialised machinery and petrochemicals.
For 2025, the full-year forecast range of 1 to 3 per cent is unchanged. This range is in sync with the World Trade Organization’s projections that merchandise trade growth will grow faster this year than in the previous year, said EnterpriseSG.
“However, significant uncertainties in the global economy could weigh on global growth and pose downside risks to the NDOX forecast,” it added.
RHB analysts Barnabas Gan and Laalitha Raveenthar forecast full-year 2025 NODX growth of 2 per cent, as they anticipate rising electronics demand this year.
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They noted that manufacturing expanded 4.3 per cent, an upward revision from the advance estimate of 3.5 per cent, driven by rising global electronics demand and stablising inflation. This also surpassed the bank’s own forecast of 3.5 per cent.
“We are particularly positive about sectors like electronics, precision engineering and transport engineering, which are closely linked to global trade and will benefit from rising demand for electronics, electrical equipment, and heightened trade activity,” they said.
“As a major player in the global semiconductor supply chain, Singapore is well positioned to benefit from a favourable global tech cycle and the gradual decline in international interest rates.”
Higher electronics shipments
For the whole of 2024, NODX to top markets declined. The biggest contributors to the decline were the EU27 (-21.4 per cent), the US (-6.6 per cent) and Japan (-17.6 per cent).
Total merchandise trade expanded 6.6 per cent to S$1.3 trillion in 2024, from the 11.7 per cent decline recorded in the previous year.
Oil trade shrank 0.1 per cent for the full year, easing from the 16.3 per cent contraction in 2023. Meanwhile, non-oil trade rose by 8.3 per cent, rebounding from the 10.5 per cent contraction the year before.
Total services trade grew 8.6 per cent to reach S$998 billion last year, accelerating from the 4.8 per cent rise in 2023.
In the fourth quarter, NODX expanded 2.4 per cent, easing from the 9 per cent growth recorded in the previous quarter.
Electronic shipments for the fourth quarter rose 14.2 per cent, extending the previous quarter’s 16.3 per cent rise. Meanwhile, non-electronic shipments contracted 0.7 per cent, compared with the 7 per cent expansion in the preceding quarter.
Total merchandise trade rose 6.8 per cent in Q4, a slight acceleration from the 5.3 per cent growth recorded in Q3.
Oil trade shrank 13.7 per cent in the three-month period, following the previous quarter’s 4.9 per cent decline. Non-oil trade grew by 11.9 per cent, extending the 7.8 per cent growth in the previous quarter.
In Q4, total services trade expanded by 7.4 per cent, decelerating from the 10.8 per cent growth recorded in Q3.
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