Non-oil domestic exports unlikely to grow in 2023: forecast

Enterprise Singapore’s NODX growth projection is -2.0% to 0.0%.

Singapore’s non-oil domestic exports (NODX) growth in 2023 will either fall further or be unchanged from last year, according to Enterprise Singapore.

In a report, the statutory board said it maintained its NODX growth projection of -2.0% to 0.0% for 2023.

In 2022, NODX growth continued to moderate, rising only by 3.0% YoY from a 12.1% growth in 2021.

The more moderate expansion was on the back of slower YoY increases in both electronic and non-electronic segments.

Electronic NODX growth eased to 0.5% YoY in 2022 from 16.3% in 2021, whilst non-electronic NODX growth moderated from 10.9% in 2021 to 3.8% in 2022.

With no expected growth on NODX for the year, Enterprise Singapore also retained its growth projection for total merchandise trade at -2.0% to 0.0%.