Singapore's exports continued to see further declines in the second quarter of this year. Non-oil domestic exports (NODX) fell 4.9 per cent compared with the same period a year ago. However, this was an improvement over the previous quarter's 12.5 per cent decline.
IE Singapore revised its NODX forecast for this year downwards. It said in a statement Monday that exports growth may now be unchanged or be 1 percent this year, compared with a previous growth forecast of between 2 percent and 4 percent.
"Exports have yet to show signs of rebound though the year-on-year decline in NODX has moderated in the second quarter of 2013. Despite this, Singapore's trade and NODX are still expected to pick up modestly in tandem with the projected gradual recovery in global demand," IE Singapore said.
Singapore's trade numbers were also weaker for the second quarter. They were 2 per cent lower compared with a year ago. The decline was less than the 9 per cent decline seen in the first quarter.
The forecast for trade growth this year was also revised downwards, to between 2 per cent and and 3 per cent.