Singapore expects growth in key exports to come in at the lower end of its 4 per cent to 6 per cent growth forecast in 2024 due to a disappointing start to the year.
Non-oil domestic exports (Nodx) fell 3.4 per cent to around $42 billion in the first quarter of 2024 on the back of volatile pharmaceutical demand, following a 1.4 per cent decline in the previous quarter.
"Given the worse-than-expected first-quarter performance, there are downside risks to the Nodx forecast, which could come at the lower range of the 4 per cent to 6 per cent forecast," Enterprise Singapore said on May 23.
However, support is still expected from a recovery in electronics demand in the second half of 2024, it added. This will be driven by demand for consumer devices and artificial intelligence servers, among others.
Enterprise Singapore noted that the International Monetary Fund had projected that global economic activity would grow by 3.2 per cent in 2024.
Most of Singapore's key trade partners, including China, the United States, Europe and Asean, are projected to grow in 2024.
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