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SG narrows 2024 NODX growth forecast to 1.0% on weak H2 recovery

For 2025, Enterprise Singapore projects NODX growth of 1.0% to 3.0%.

Singapore has narrowed its non-oil domestic export growth forecast for 2024 to around 1.0% on a weaker-than-expected recovery in H2 2024.

In Q3, whilst NODX returned to expansion, its performance was affected by volatile segments such as s pharmaceuticals and ships & boats.

These sectors will continue to affect NODX in the last quarter of the year.

Enterprise Singapore added that electronic NODX has also moderated in September and October compared to the double-digit growth in July and August.

For 2025, Enterprise Singapore projects NODX growth of 1.0% to 3.0%, aligning with WTO forecasts of faster global merchandise trade growth compared to 2024.
 

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