SINGAPORE, Nov. 23 (Xinhua) -- Enterprise Singapore, a government agency, announced on Wednesday in the Review of Third Quarter 2022 Trade Performance that the 2023 growth projections for both Singapore's total merchandise trade and Non-oil Domestic Exports (NODX) are at "minus 2.0 to 0.0 percent."
Meanwhile, Enterprise Singapore adjusted upwards the 2022 growth projection for total merchandise trade to "plus 19.5 to plus 20.0 percent" and that for NODX to "around 6.0 percent" respectively.
According to the government agency, oil and electronics trade respectively accounted for about 40 percent and 25 percent of Singapore's total merchandise trade growth in the first three quarters of 2022, amid favorable sector-specific trends. Nonetheless, support may ease amid a weaker global economic outlook.
For the rest of 2022, higher oil prices on a year-on-year basis should provide some support to growth in oil trade, and in turn total trade in nominal terms. Nonetheless, with lower projected oil prices in 2023, support for oil trade and total trade in nominal terms could be limited going into 2023. Similarly, easing electronics trade and export performance could weigh on total trade and NODX growth for the rest of 2022 and 2023.
Enterprise Singapore also announced that the city-state's total merchandise trade grew by 25.7 percent year on year in the third quarter of 2022, to about 365.4 billion Singapore dollars, compared to the 28.1 percent growth in the second quarter of 2022.
Meanwhile, Singapore's NODX grew by 7.2 percent year on year in the third quarter, compared to the 8.9 percent increase in the previous quarter.
Singapore's total services trade grew by 14.2 percent year on year to 173 billion Singapore dollars in the third quarter of 2022, after a 13.1 percent increase in the previous quarter. Services exports and imports grew by 15.8 percent and 12.4 percent respectively, said Enterprise Singapore. (1 Singapore dollar equals 0.72 U.S. dollar)