SINGAPORE: Singapore raised its trade forecasts on Thursday amid better than expected performance in the second quarter of 2022.
ESG data also showed that NODX grew by 9.1 per cent in the second quarter of 2022 on a year-on-year basis, following the 11.4 per cent rise in the previous quarter. The growth was mainly due to non-electronics. NODX to the top markets as a whole grew in the second quarter of this year, though exports to Hong Kong, South Korea, China and the EU declined. The biggest contributors to the NODX growth were Malaysia, Taiwan and Indonesia.
Non-oil trade rose by 19.9 per cent while oil trade expanded by 69.5 per cent amid higher oil prices than a year ago.
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