S'pore cuts 2024 key exports forecast on weaker-than-expected recovery

Singapore has cut its 2024 full-year forecast for key exports on a worse-than-expected recovery in the second half of 2024.

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This is primarily due to volatile segments that could continue to drag fourth-quarter performance, Enterprise Singapore (EnterpriseSG) said in its latest quarterly review of trade performance released on Nov 22.

Non-oil domestic exports (Nodx) are now expected to grow around 1 per cent year on year in 2024, down from August's forecast of a 4 per cent to 5 per cent expansion. The official estimate had also been downgraded in that review, from growth of 4 per cent to 6 per cent.

This comes after October's Nodx performance came in weaker than expected earlier this week.

Referencing its August quarterly review, EnterpriseSG on Nov 22 noted that it had highlighted that "downside risks, including a weaker-than-expected recovery in the second half-year could potentially lead growth for the year to come in below the forecast range".