Singapore's total trade in Q1 plunges 9.7%; NODX down 9%

THE outlook for Singapore's trade has worsened as the key non-oil domestic exports (NODX) and total trade plunged further in the first quarter of this year.

Trade promotion agency International Enterprise Singapore now put the 2016 year-on-year forecast for total trade to be between -6 and -8 per cent and NODX to be between -3 and -5 per cent, down from earlier forecast of between -0.1 and one per cent and between zero and 2 per cent respectively.

The first quarter of 2016 saw total trade plunge 9.7 per cent, extending the 7.7 per cent decline in the final quarter of 2015. NODX fell 9 per cent after a 3.5 per cent drop.

Total services trade slipped 0.1 per cent to S$96 billion in the first quarter of the year, against a 0.3 per cent dip in the preceding quarter.

Non-oil exports, which includes NODX and non-oil re-exports, dropped 6.6 per cent in the first quarter following a 0.3 per cent rise.