MR No.: 020/24

Singapore, Thursday, 23 May 2024

Highlights

Total Merchandise Trade

• Increased by 4.8% in 1Q 2024, reversing the 2.1% decline in 4Q 2023.
• Non-oil trade grew by 5.2%; oil trade rose by 3.4% amid higher oil prices than a year ago.
• Non-oil domestic exports (NODX: -3.4%) declined while re-exports (NORX: +8.4%) grew.

2024 Forecasts

• Maintained at “+4.0% to +6.0%” for both total merchandise trade and NODX, with downside risks for the NODX forecast due to the weaker-than-expected 1Q 2024 performance.
• Notwithstanding, support for NODX expected from the electronics recovery in 2H 2024. Outlook for total trade remained cautiously optimistic following higher expected oil prices.

Total Services Trade

• Increased by 7.5% to reach S$224 billion in 1Q 2024, after the 2.8% decline in 4Q 2023.

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