NODX to the top markets as a whole grew in the third quarter of 2021, though exports to the United States and the EU 27 declined. The biggest contributors to the NODX growth were China, Taiwan and South Korea.
Total merchandise trade grew by 19.1 per cent in the third quarter, ESG also said in its review, down from the 27.3 per cent in the quarter before. Growth in first quarter of the year was 4.9 per cent.
Non-oil trade rose by 14.6 per cent while oil trade expanded by 50 per cent amid higher oil prices compared to a year ago, an extension of the 98.4 per cent increase in the preceding quarter.
On a quarter-on-quarter seasonally adjusted basis, total merchandise trade dipped by 0.2 per cent in the third quarter, after the 3.1 per cent rise in the second quarter. Oil trade edged up by 1.6 per cent, while non-oil trade saw a 0.5 per cent decline.
ESG issued a “cautiously optimistic forecast” of 0 per cent to 2 per cent growth for both total merchandise trade and NODX in 2022. Growth is expected to ease from a high base in 2021, the agency said.
The Ministry of Trade and Industry on Wednesday narrowed the country’s gross domestic product growth forecast for the year to 7 per cent, from the previous 6 per cent to 7 per cent.
This is based on the performance of the Singapore economy in the first three quarters of the year, as well as the latest external and domestic economic developments, said the ministry.
Singapore’s economy grew by 7.1 per cent year-on-year in the third quarter of 2021, beating expectations, but still slower than the 15.2 per cent growth recorded in the previous quarter.