The Business Times
business-time-50
SUBSCRIBERS

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

google-preferred-sourceAdd BT as a preferred source
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

    DeeperDive is a beta AI feature. Refer to full articles for the facts.

    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.

    Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.

    Singapore NodxSingapore economyTradeSpotlight

    Copyright SPH Media. All rights reserved.

    Reuse this contentFeedback

    TRENDING NOW

    Malaysia Madani, or Civil Malaysia, is Prime Minister Anwar Ibrahim's slogan encapsulating positive values (such as humanity and strong governance) that would shape policy direction. But the "corporate mafia" claims have now cast the spotlight on governance credibility.

    From 1MDB to ‘corporate mafia’: Is Malaysia facing a new governance test?

    The fourth Amity Circle retreat was hosted by Temasek Foundation from Apr 8 to 10 in Hanoi.

    Middle East-linked energy supply shocks put Asean Power Grid back in focus

    Chinese Foreign Minister Wang Yi stopped short of explicitly naming the US or Israel as aggressors, a telling omission from a country that otherwise speaks with little diplomatic timidity.

    Beijing’s calculated silence on the Iran war 

    DPM Gan Kim Yong said the question is not whether shocks will occur in future, but whether Singapore's systems are able to absorb them, and continue to function.

    DPM Gan warns of 3 structural shifts to the global system that will bring greater challenges – and opportunities

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More