SINGAPORE: Singapore on Friday (Nov 22) cut its non-oil domestic exports (NODX) growth forecast for 2024 amid a weaker-than-expected recovery.
New: You can now listen to articles.SINGAPORE: Singapore on Friday cut its non-oil domestic exports growth forecast for 2024 amid a weaker-than-expected recovery.
That weakness has materialised, said EnterpriseSG, with NODX performing weaker than expected, primarily due to the volatile segments such as pharmaceuticals and ships and boats.A net weighted balance of 8 per cent of firms in the pharmaceuticals segment forecast new export orders for the fourth quarter, down from 56 per cent in the previous quarter.
Most of Singapore’s key trade partners, including China, the US, the 27 member states of the European Union and ASEAN-5 are projected to grow, it said. Electronics grew faster, marking the second consecutive quarter of growth, while non-electronics rebounded after two quarters of declines. The domestic exports of non-electronic products grew by 7 per cent, after the 9.2 per cent decline in the previous quarter.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Singapore achieves impressive eighth-place finish at World Masters Hockey World Cup 2024 Singapore News -%
Read more »
Singapore’s CPF ranks 5th in the 2024 Mercer CFA Institute Global Pension Index Singapore News%
Read more »
Singapore leads Asia-Pacific in life sciences investments in 2024 Singapore News%
Read more »
Singapore’s economy shows strong recovery in Q3 2024 as key sectors rebound Singapore News%
Read more »
Singapore stocks retreated on Friday morning—STI dropped 0.2% Singapore News%
Read more »
Singapore stocks rose on Friday’s open—STI gained 0.4% Singapore News%
Read more »