Singapore adjusts upward 2022 trade growth forecasts

Photo taken on Aug. 10, 2022 shows the city skyline in Singapore. According to Enterprise Singapore, the city-state's total merchandise trade grew by 28.1 percent year on year in the second quarter of 2022, to 357.8 billion Singapore dollars (260.8 billion U.S. dollars), compared to the 20.8-percent growth in the first quarter. (Xinhua/Then Chih Wey)

SINGAPORE, Aug. 11 (Xinhua) -- Enterprise Singapore, a government agency, announced on Thursday in the Review of Second Quarter 2022 Trade Performance that it adjusted the 2022 growth projection upward further to 15-16 percent for Singapore's total merchandise trade.

Meanwhile, it lifted the 2022 growth projection for Singapore's Non-oil Domestic Exports (NODX) to 5-6 percent.

Enterprise Singapore lifted the 2022 growth projections for Singapore's total merchandise trade and NODX from the same 0-2 percent to 8-10 percent and to 3-5 percent respectively this May.

Besides both Singapore's total merchandise trade and NODX growing better-than-expected in the second quarter of 2022, the further upward adjustments were because higher oil prices and robust global semiconductor demand are likely to continue in 2022, which should support growth in oil trade in nominal terms and NODX respectively, and in turn total trade.

Another reason is that most of Singapore's key trade partners were expected to grow in 2022, albeit moderating from 2021's pace for most economies.

According to Enterprise Singapore, the city-state's total merchandise trade grew by 28.1 percent year on year in the second quarter of 2022, to about 357.8 billion Singapore dollars (about 260.8 billion U.S. dollars), compared to the 20.8 percent growth in the first quarter of 2022.

Meanwhile, Singapore's NODX grew by 9.1 percent year on year in the second quarter, compared to the 11.4 percent increase in the previous quarter.

Enterprise Singapore added that Singapore's total services trade grew by 12.9 percent year on year to 168 billion Singapore dollars in the second quarter of 2022, after the 9.8 percent increase in the previous quarter. The services exports and imports grew by 13.2 percent and 12.6 percent respectively. (1 Singapore dollar equals 0.73 U.S. dollar) 

Photo taken on Aug. 10, 2022 shows the city skyline in Singapore. According to Enterprise Singapore, the city-state's total merchandise trade grew by 28.1 percent year on year in the second quarter of 2022, to 357.8 billion Singapore dollars (260.8 billion U.S. dollars), compared to the 20.8-percent growth in the first quarter. (Xinhua/Then Chih Wey)