Singapore cuts 2023 trade forecasts after Q1 exports slump worse than expected

Singapore now expects non-oil domestic exports to shrink by 8 per cent to 10 per cent. - ST FILE

SINGAPORE (The Straits Times/Asia News Network): Singapore cut its 2023 growth forecasts for key non-oil domestic exports (Nodx) and total merchandise trade, which includes oil, amid a sharp downturn in the global electronics sector that has weighed on manufacturing in Asian economies.

Nodx is now expected to shrink by 8 per cent to 10 per cent, and total merchandise trade to contract by 6 per cent to 8 per cent, dragged down by the manufacturing down cycle and lower oil prices, Enterprise Singapore (EnterpriseSG) said on Thursday (May 25).