SINGAPORE, Aug 13 (Xinhua): Trade promotion agency International Enterprise (IE) Singapore on Tuesday cut its growth forecast for the non-oil domestic exports of the city state to a contraction of between 1 and 2 per cent.
The agency had previously projected a growth of between 1 and 3 per cent for its non-oil domestic exports (NODX), a key gauge of Singapore's export performance.
Lower shipments of electronic NODX led to a year-on-year decline in the overall NODX by 3.4 per cent in the second quarter, following a contraction of 1 per cent in the first quarter.
Singapore's NODX to markets such as China, Indonesia and the United States saw gains in the second quarter. However, declines were seen in NODX to markets such as China's Hong Kong, the EU and Thailand.
In the first half of the year, non-oil domestic exports contracted by 2.3 per cent year on year, mainly driven by the weakness of the electronic sector.
On a year-on-year basis, the domestic exports of electronic products, which accounted for 28.5 per cent of the NODX, declined by 13.8 per cent in the second quarter, following the decline of 12.8 per cent in the previous quarter.
Total trade in the second quarter grew by 2.9 per cent year on year, following a 7.2 per cent increase in the previous quarter.
S\\\'pore cuts export growth forecast
FE Team | Published: August 14, 2014 00:00:00 | Updated: November 30, 2026 06:01:00
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