The Business Times
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Singapore downgrades 2023 export forecasts on weaker-than-expected Q1 showing

Tessa Oh

Tessa Oh

Published Thu, May 25, 2023 · 08:00 AM
    • EnterpriseSG notes that external demand conditions have weakened for global manufacturing and goods exports, in contrast to the uptick in services activity.
    • EnterpriseSG notes that external demand conditions have weakened for global manufacturing and goods exports, in contrast to the uptick in services activity. PHOTO: AFP

    SINGAPORE has slashed its 2023 full-year forecasts for both non-oil domestic exports (NODX) and total merchandise trade amid weak external demand and lower oil prices.

    NODX is expected to contract by 8 per cent to 10 per cent on year in 2023. This is worse than an earlier forecast of between zero growth and a contraction of 2 per cent, Enterprise Singapore (EnterpriseSG) said in its quarterly review of trade performance on Thursday (May 25).

    Total merchandise trade is now projected to grow by -8 per cent to -6 per cent, from the previous forecast of -2 per cent to zero per cent.

    Singapore NodxSingapore economyTradeSpotlight

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