Review of 3Q 2024 Trade Performance
First published 22 Nov 2024 / Last updated 22 Nov 2024
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: Review of 3Q 2024 Trade Performance
MR No.: 054/24
Singapore, Friday, 22 November 2024
Highlights
Total Merchandise Trade
- Grew by 5.5% in 3Q 2024, following the 10.0% expansion in 2Q 2024.
- Non-oil trade rose by 8.0%; oil trade declined by 4.9% amid lower oil prices a year ago.
- Both non-oil domestic exports (NODX: +9.2%) and re-exports (NORX: +6.6%) grew.
2024 & 2025 Forecasts
- 2024: Narrowed to “around +5.0%” for total merchandise trade and downgraded to “around +1.0%” for NODX – mainly as 3Q 2024 NODX performed weaker-than-expected due to volatile pharmaceuticals and ships & boats segments.
- 2025: NODX is expected to grow by “+1.0% to +3.0%”, in sync with the World Trade Organisation (WTO)’s projections of faster global merchandise trade growth in 2025 than in 2024.
Total Services Trade
- Grew by 13.9% to reach S$235 billion in 3Q 2024, following the 11.4% rise in 2Q 2024.
Click here to read the full report.
