Data released by Enterprise Singapore (EnterpriseSG) on Friday (February 14) showed that Singapore's non-oil domestic exports (NODX) grew by 0.2% for the full year of 2024, reversing the 13.1% contraction in the previous year, driven by an increase in electronics shipments.
Electronics shipments grew by 8.2% in 2024, compared to a 19.7% contraction in 2023. EnterpriseSG attributed this to growth in shipments of integrated circuits, disk media products, and personal computers, which contributed the most to the rise in electronics NODX.
Meanwhile, non-electronics NODX contracted by 1.9% last year, lower than the 11.1% decline in 2023. This was mainly due to declines in domestic exports of pharmaceuticals, specialized machinery, and petrochemicals.
For 2025, the full-year forecast range remains unchanged at "1% to 3%." EnterpriseSG stated that this range aligns with the World Trade Organization's projection that global merchandise trade will grow faster this year than in the previous year.
"However, significant uncertainties in the global economy could weigh on global growth and pose downside risks to the NODX forecast," it added.
For the full year of 2024, NODX to all top markets declined. The largest contributors to the decline were the EU 27 (-21.4%), the U.S. (-6.6%), and Japan (-17.6%).
Total merchandise trade in 2024 grew by 6.6% to SGD 1.3 trillion, following an 11.7% decline in the previous year.
Total oil trade contracted by 0.1% for the full year, easing from the 16.3% contraction in 2023. Meanwhile, non-oil trade grew by 8.3%, rebounding from a 10.5% contraction in the previous year.
Total services trade grew by 8.6% to SGD 998 billion last year, up from a 4.8% increase in 2023.
In the fourth quarter, NODX grew by 2.4%, lower than the 9% increase in the previous quarter.
Electronics shipments grew by 14.2% in the fourth quarter, extending the 16.3% increase in the previous quarter. Meanwhile, non-electronics shipments fell by 0.7%, compared to a 7% rise in the prior quarter.
Total merchandise trade grew by 6.8% in the fourth quarter, slightly accelerating from the 5.3% increase in the third quarter.
Oil trade contracted by 13.7% in the three-month period, following a 4.9% decline in the previous quarter. Non-oil trade grew by 11.9%, extending the 7.8% growth in the prior quarter.
Total services trade grew by 7.4% in the fourth quarter, lower than the 10.8% increase in the third quarter.
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