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

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.