Review of 2023 Trade Performance
First published 15 Feb 2024 / Last updated 15 Feb 2024
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: Review of 2023 Trade Performance
MR No.: 006/24
Singapore, Thursday, 15 February 2024
Highlights
Total Merchandise Trade
• Declined 11.7% in 2023, after the 17.7% expansion in 2022
• Non-oil trade decreased 10.5%; oil trade contracted 16.3% amid lower oil prices than a year ago
• Both non-oil domestic exports (NODX: -13.1%) and re-exports (NORX: -7.3%) declined
2024 Forecasts
• Maintained at “+4.0% to +6.0%” for total merchandise trade and upgraded to “+4.0% to +6.0%” for NODX; modest growth projected in 2024 in line with global economic and trade outlook, and expected recovery from the electronics downcycle
Total Services Trade
• Declined by 3.8% to reach S$837 billion in 2023, after the 22.4% expansion in 2022
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