The government has cut its forecast for the growth in Singapore's non-oil domestic exports (NODX) again this year, to 0.5-1.0% from 1-2 %, on the back of a gloomy trade performance.
With oil prices remaining weak, total merchandise trade is expected to fall between 10.0 and 10.5% for the full year, down from earlier forecasts of a decline of 9.5-10.5%, trade promotion agency IE Singapore says on Wednesday.
The latest downward revisions came after 3Q trade slipped 8.5% and NODX fell 3%. Second-quarter trade plunged 10.7% while NODX fell 2.1%.
Non-oil re-exports increased 2.1% in the 3Q, on the heels of a 2Q decline of 1.5%.
For 2016, NODX is forecast to grow at a similar pace of 0.0 to 2.0%, given an expected moderation in China's economic growth even as advanced economies improve modestly, IE Singapore says.
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With oil prices remaining weak, total merchandise trade is expected to fall between 10.0 and 10.5% for the full year, down from earlier forecasts of a decline of 9.5-10.5%, trade promotion agency IE Singapore says on Wednesday.
The latest downward revisions came after 3Q trade slipped 8.5% and NODX fell 3%. Second-quarter trade plunged 10.7% while NODX fell 2.1%.
Non-oil re-exports increased 2.1% in the 3Q, on the heels of a 2Q decline of 1.5%.
For 2016, NODX is forecast to grow at a similar pace of 0.0 to 2.0%, given an expected moderation in China's economic growth even as advanced economies improve modestly, IE Singapore says.
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