Non-oil domestic exports (Nodx) posted a better-than-expected 8 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 the three months to Sept 30, up from a 10.2 per cent increase in the second three months of the year, trade promotion agency Enterprise Singapore noted yesterday.
The improvement in both oil trade and non-oil trade led Enterprise Singapore to raise sharply its official 2018 growth forecasts for trade to 9 to 9.5 per cent and 5.5 to 6 per cent for Nodx.
The earlier revisions were made in August.
But considering the higher base effects and with growth of key trade partners likely to ease, Enterprise Singapore expects total trade and Nodx to grow by zero to 2 per cent next year.
Total services trade was up 3 per cent to $120.2 billion in the third quarter of this year.