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Singapore upgrades 2022 export forecast

Singapore has upgraded its 2022 export forecasts following the better-than-expected performance in Q1 and higher oil prices. The forecast upgrade follows a 20.8% year-on-year growth in merchandise trade in Q1 2022, extending the previous quarter’s 28.8% growth. According to data from Enterprise Singapore (Enterprise SG), non-oil trade rose by 16%, easing from the 20.8% expansion in the last quarter of 2021. Enterprise SG said in its quarterly trade review that total merchandise trade is now expected to grow 8-10%, while the outlook for non-oil domestic exports (NODX) is 3-5%. The agency also noted that oil prices are tipped to stay above USD100 per barrel this year, while global semiconductor revenue projections are higher than before.

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