Singapore’s export growth slows to 3% in 2022; expected to be flat or decline in 2023

SINGAPORE’S non-oil domestic exports’ (NODX) growth slowed to 3 per cent in 2022 from 12.1 per cent in 2021, in line with earlier estimates, according to Enterprise Singapore (EnterpriseSG) figures on Monday (Feb 13).

Trade performance is expected to moderate in 2023, given the high base in 2022, said EnterpriseSG. It maintained its 2023 forecast at -2 per cent to 0 per cent for both NODX and total merchandise trade.

Some private-sector economists were not as optimistic, forecasting that Singapore’s key exports could shrink more sharply than official estimates. “Continued weakness in global semiconductor demand and reduced external demand as the United States economy slows will result in a potentially sharper contraction in NODX exports in 2023 than forecast by ESG,” said ANZ head of Asia research Khoon Goh.