Non-oil domestic exports (Nodx) shrank by 13.1 per cent in 2023 amid weak demand worldwide for electronics and petrochemicals two of Singapore's key exports.
But there should be some improvement in 2024. In its Feb 15 Review of 2023 Trade Performance report, Enterprise Singapore (EnterpriseSG) upgraded its full-year 2024 forecast for Nodx to 4 per cent to 6 per cent growth, up from an earlier estimate of 2 per cent to 4 per cent. The upgrade is premised on projections of a gradual recovery in global electronics demand.
The contraction in 2023's Nodx - downgraded three times by EnterpriseSG in 2023 - was larger than the latest estimate of a 12 per cent to 12.5 per cent contraction, announced in November 2023.
The forecast for 2023 Nodx was earlier cut in August, and before that in May. Nodx grew 3 per cent in 2022.
EnterpriseSG attributed the contraction in Nodx to a drop in shipments of specialised machinery and food manufacturing.
Nodx for electronics shrank by 19.7 per cent in 2023, after the 0.5 per cent increase in 2022. Meanwhile, non-electronics Nodx declined by 11.1 per cent in 2023, following the 3.8 per cent rise in the year before.
The largest contributors to the decline in electronics Nodx were integrated circuits, which fell by 26.9 per cent, followed by a 28.5 per cent drop in personal computers and a 21.1 per cent slide in disk media products
Bu hikaye The Straits Times dergisinin February 16, 2024 sayısından alınmıştır.
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Bu hikaye The Straits Times dergisinin February 16, 2024 sayısından alınmıştır.
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