Singapore Revises Up 2021 Growth Forecast For Merchandise Trade

Enterprise Singapore, a government trade agency, said on Monday that it adjusted upwards the 2021 growth projection upwards to 2-4 percent for Singapore's total merchandise trade

SINGAPORE (UrduPoint / Pakistan Point News - 15th Feb, 2021 ) :Enterprise Singapore, a government trade agency, said on Monday that it adjusted upwards the 2021 growth projection upwards to 2-4 percent for Singapore's total merchandise trade.

In the Review of 2020 Trade Performance, it maintained the 2021 growth projection for Singapore's Non-oil Domestic Exports (NODX) at 0-2 percent.

Last November, the government agency set the 2021 growth projections for Singapore's total merchandise trade and NODX at 1-3 percent and 0-2 percent respectively.

It also said in the new report that Singapore's total merchandise trade declined by 5.

2 percent in 2020 to 969.1 billion Singapore Dollars (about 732.45 billion U.S. dollars), compared to the 3.2 percent decline in 2019. Meanwhile, Singapore's NODX grew by 4.3 percent, compared to a 9.2-percent decline in 2019.

Enterprise Singapore added that Singapore's total services trade contracted by 14.3 percent to 497.1 billion Singapore dollars in 2020, after a 5.7-percent growth in the previous year. Services exports and imports contracted by 12.7 percent and 16.1 percent respectively.