Review of 2Q 2024 Trade Performance
First published 13 Aug 2024 / Last updated 13 Aug 2024
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: Review of 2Q 2024 Trade Performance
MR No.: 028/24
Singapore, Tuesday, 13 August 2024
Highlights
Total Merchandise Trade
- Expanded by 10.1% in 2Q 2024, following the 4.8% growth in 1Q 2024.
- Non-oil trade grew by 8.5%; oil trade rose by 16.9% amid higher oil prices than a year ago.
- Non-oil domestic exports (NODX: -6.4%) declined while re-exports (NORX: +11.9%) grew.
2024 Forecasts
- Narrowed to “+5.0% to +6.0%” for total merchandise trade and “+4.0% to +5.0%” for NODX. Key downside risks remain for the NODX forecast, including a weaker-than-expected recovery in 2H 2024.
- Notwithstanding, support for NODX is expected from the electronics recovery in 2H 2024. Outlook for total trade remains cautiously optimistic with support from high oil prices.
Total Services Trade
- Grew by 11.3% to reach S$227 billion in 2Q 2024, following the 5.7% increase in 1Q 2024.
Click here to read the full report.
