SINGAPORE, May 25 (Xinhua) -- Enterprise Singapore, a government agency, announced on Wednesday in the Review of First Quarter 2022 Trade Performance that it adjusted the 2022 growth projection upwards to 8 percent-10 percent for Singapore's total merchandise trade.
Meanwhile, it lifted the 2022 growth projection for Singapore's Non-oil Domestic Exports (NODX) to 3 percent-5 percent.
Previously, the 2022 growth projections for Singapore's total merchandise trade and NODX were both set from 0 percent to 2 percent.
The upwards adjustments were made because both Singapore's total merchandize trade and NODX grew better-than-expected in the first quarter of 2022, and supportive factors such as higher oil prices and robust global semiconductor demand are likely to continue this year.
Moreover, the International Monetary Fund estimated the global economic activity will grow 3.6 percent in 2022, and the World Trade Organization expected the global merchandise trade volumes to rise 3 percent in the year.
According to Enterprise Singapore, the city-state's total merchandise trade grew by 20.8 percent year on year in the first quarter of 2022 to about 323.08 billion Singapore dollars (about 235.43 billion U.S. dollars), compared to the 28.8 percent growth in the fourth quarter of 2021.
Meanwhile, Singapore's NODX grew by 11.4 percent year on year in the first quarter of this year, compared to the 20.1 percent increase in the previous quarter.
Enterprise Singapore said Singapore's total services trade went up by 6.8 percent year on year to 158 billion Singapore dollars in the first quarter of 2022, after the 10.6 percent increase in the previous quarter.
The services exports and imports grew by 7.1 percent and 6.6 percent, respectively.