Singapore raises 2022 trade forecasts after Q1 outperforms on higher oil prices, strong chip demand

Non-oil domestic exports are projected to grow by 3 per cent to 5 per cent. - ST

SINGAPORE (The Straits Times/Asia News Network): Official forecasts for Singapore's full-year trade outlook were raised after a better-than-expected performance in the first quarter, with oil prices and global semiconductor demand expected to stay strong.

Non-oil domestic exports (Nodx) are projected to grow by 3 per cent to 5 per cent, while total merchandise trade is predicted to expand by 8 per cent to 10 per cent, Enterprise Singapore said in a statement on Wednesday (May 25).