Singapore cuts non-oil domestic exports '12 growth target to 2-3%

16 November 2012 04:39  [Source: ICIS news]

SINGAPORE (ICIS)--Singapore’s non-oil domestic exports (NODX) is now projected to grow at a slower rate of 2-3% this year, compared with an earlier forecast of 3-4%, after taking into account a lower-than-expected trade growth in the third quarter, a government agency said on Friday.

Singapore’s overall trade in 2012 has also been revised downwards from 4-5% to between 3-4%, the International Enterprise (IE) Singapore said.

In the September quarter, the country’s overall trade fell by 2.8% year on year, a reversal of the 2.9% expansion recorded in the previous quarter, the trade promotion agency of the Singapore government said.

NODX – which includes petrochemicals and pharmaceuticals – for the three months to September 2012 fell by 3.2% year on year, coming from a 3.7% expansion in the previous quarter, according to IE Singapore.

Singapore’s petrochemicals exports grew by 5.7% year on year in the third quarter, while overall chemicals shipments slipped by 0.3%, it said.

In 2013, Singapore’s total trade is projected to grow at a moderate pace of 3-5%, with NODX growth projected at 2-4%, in line with expectations of weak expansion in advanced economies.

“[The] global outlook for 2013 is shrouded with uncertainties. Possible downside risks include the looming US fiscal cliff and further slowdown in the eurozone economy,” IE Singapore said.

“Should any of these risks occur, Singapore’s trade forecast would be lowered,” it said.

Most Asian economies are expected to grow at a slightly faster pace next year than in 2012, IE Singapore said.

“China and India are expected to lead the growth. Countries with large domestic markets like Indonesia are also expected to perform better, fuelled by resilient domestic demand,” it added.

($1 = S$1.22)

By: Nurluqman Suratman

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