Singapore hikes 2021 trade, NODX outlooks as quarterly figures improve | Singapore Business Review
, Singapore
4 views

Singapore hikes 2021 trade, NODX outlooks as quarterly figures improve

Enterprise Singapore expects growth of non-oil domestic exports to fall between the 1.0%-3.0% range for the full year.

Singapore’s first quarter trade performance was “better-than-expected,” according to Enterprise Singapore (ESG), leading to a more optimistic view of full year trade figures.

In its review of the first quarter trade performance, Enterprise Singapore increased its full-year non-oil domestic exports (NODX) outlook to 1.0% to 3.0% from the previous 0.0% to 2.0% extimate.

This was due to the 9.7% increase in NODX recorded for the first quarter, following a 0.5% decline in the quarter previous. Both electronic and non-electronic NODX rose in the first quarter, by 14.8% and 8.3% respectively.

ESG likewise increased its total merchandise trade growth projection to 5.0% to 7.0% from the previous 2.0% to 4.0%, as total merchandise trade rebounded from its 5.1% decline in the last quarter of 2020 to a 4.9% increase in the first quarter of 2021.

The performance hikes were both based on robust semiconductor demand, strong exports in economies like Taiwan, and improved oil prices.

However, the ESG noted that uncertainties remain in the global economy.It noted that the International Monetary Fund’s global growth outlook of 6.0% in 2021 hinged on vaccine-powered recovery. On the trade front, the World Trade Organization expects 2021 merchandise trade volumes to rebound from the 5.3% decline for the full year of 2020 to a growth of 8.0% in 2021.
 

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Get Singapore Business Review in your inbox
There were about 2,600 newly launched units in January 2021. 
The company again deferred the listing due to uncertain market conditions.
Initial estimates showed its operational profit grew 15.5% in the first quarter.
This will allow more businesses to have an alternative avenue to fund meritorious claims.
The government agency is assessing whether the joint venture infringes on competition laws.
HongkongLand saw the sharpest decline during Monday's trading, with a 2.98% drop.
Clients can buy and sell securities in 10 markets worth up to US$10m daily.
The new partner VCs are bringing in $30m of potential funding in the programme.
He will lead the bank’s use of technology, data, and design to develop financial solutions.
Group activities for five persons will now be allowed.
Pubs, bars and nightclubs may only resume F&B operations.
The properties are located in France and Vietnam.
This reflects a 318% decrease from its $438m profit in 2021/20.
City Developments Ltd saw the sharpest decline during Friday's trading, with a 1.61% drop.