SINGAPORE - Singapore's non-oil domestic exports (Nodx) posted a better-than-expected 8.0 per cent jump year on year in the third quarter, driven by non-electronic shipments which grew for the fifth straight quarter while electronics declined.
Total trade rose for the eighth consecutive quarter, expanding 14.7 per cent in July to September, up from a 10.2 per cent increase in March to June, according to the latest trade numbers released by trade promotion agency Enterprise Singapore on Thursday (Nov 22).
The improvement in both oil trade and non-oil trade led Enterprise Singapore to sharply raise its official 2018 growth forecasts for trade and Nodx to 9.0-9.5 per cent and 5.5-6.0 per cent respectively. The last revisions were made in August when the forecasts were adjusted to 5.0-6.0 per cent for trade and 2.5-3.5 per cent for Nodx.
But considering the higher base effects and with growth of key trade partners likely to ease, Enterprise Singapore expects total trade and Nodx to both grow by zero to 2.0 per cent in 2019.
Total services trade was up 3.0 per cent to $120.2 billion in the third quarter of this year.