Review of 2024 Trade Performance
First published 14 Feb 2025 / Last updated 14 Feb 2025
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: Review of 2024 Trade Performance
MR No.: 004/25
Singapore, Friday, 14 February 2025
Highlights
Total Merchandise Trade
• Increased by 6.6% to reach S$1.3 trillion in 2024, following the 11.7% contraction in 2023
• Non-oil trade increased by 8.3%; oil trade declined by 0.1% amid lower oil prices
• Both non-oil domestic exports (NODX: +0.2%) and re-exports (NORX: +10.2%) grew
2025 NODX Forecasts
• NODX is expected to grow by “+1.0% to +3.0%”, in sync with the World Trade Organisation (WTO)’s projections of faster merchandise trade growth in 2025 than in 2024
• However, significant uncertainties in the global economy could weigh on global growth and pose downside risks to the NODX forecast
Total Services Trade
• Grew by 8.6% to reach S$998 billion in 2024, following the 4.8% increase in 2023
Click here to read the full report.
