Sunday, August 11, 2013

Singapore Lowers 2013 Non-Oil Export Outlook - RTT News

Singapore's non-oil domestic exports, or NODX, will likely grow at a weaker pace this year than initially projected, according to a quarterly report from the country's trade promotion agency.

International Enterprise (IE) Singapore said Monday that the growth projection for NODX is downgraded to 0-1 percent in 2013 from 2-4 percent forecast in May.

The agency also revised down the outlook for total trade to 2-3 percent for this year from May's prediction for 3-5 percent expansion. The downgrade was mainly due to poor performance in the first quarter, the agency noted.

IE Singapore said that NODX has yet to show signs of rebound, though the annual decline in NODX has moderated in the second quarter. Despite this, the agency expects trade and NODX to pick up modestly in tandem with the projected gradual recovery in global demand.

In the second quarter, NODX decreased 4.9 percent year-on-year after the previous quarter's decline of 12.5 percent.

On Monday, the Ministry of Trade and Industry upgraded its growth forecast for the economy to 2.5-3.5 percent in 2013 from previously forecast 1-3 percent.

The Ministry, at the same time, warned that China's ongoing economic restructuring could lead to a sharp slowdown in growth in that country and could have spill-over effects on other export-oriented Asian economies.

by RTT Staff Writer

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