Review of 3Q 2023 Trade Performance
First published 22 Nov 2023 / Last updated 22 Nov 2023
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: Review of 3Q 2023 Trade Performance
MR No.: 059/23
Singapore, Wednesday, 22 November 2023
Highlights
Total Merchandise Trade
- Declined 16.4% in 3Q 2023, following the 18.7% contraction in 2Q 2023
- Non-oil trade down 14.1%; oil trade declined 25.1% amid lower oil prices than a year ago
- Both non-oil domestic exports (NODX: -18.8%) and re-exports (NORX: -10.3%) declined
2023 and 2024 Forecasts
- 2023: Narrowed to “around -10.0%” for total merchandise trade and downgraded to “-12.5% to -12.0%” for NODX; due to worse-than-expected performance to-date, while global electronics demand remained sluggish given elevated inventory levels
- 2024: Modest recovery of “+4.0% to +6.0%” for total merchandise trade and “+2.0% to +4.0%” for NODX – higher expected oil prices in 2024 to support oil trade and in turn total trade; NODX could pick up in tandem with expected turnaround in global electronics demand
Total Services Trade
- Decreased by 1.9% to reach S$189 billion in 3Q 2023
Click here to read the full report.
