Singapore's total trade fell 2% in October 2024, driven by a sharp 4.6% drop in locally-made exports despite a rebound in re-exports.
KEY POINTS
IN SIMPLE TERMS
Singapore's trade took a dip in October. Products made here and sold abroad fell by almost 5%, but goods the country buys and resells to others grew by 7.5%. Overall, the island's trade shrunk by 2%.
WHY IT MATTERS
WHERE DO YOU STAND?
Do you think Singapore's trade will rebound in the coming months, or could the October decline signal a longer-term slowdown?
👍 👎 Vote ↓Singapore’s external trade shows mixed results in Oct 2024, with some sectors declining while others grow.
According to Enterprise SG, Singapore’s external trade showed varied results in October 2024.
NODX fell by 4.6% in Oct 2024.
This drop came after a small rise of 0.9% in September 2024.
The decrease was mainly due to lower non-electronic exports.
However, electronic exports grew during this period.
| Trade Type | Oct 2024 | Sep 2024 |
|---|---|---|
| NODX | -4.6% | +0.9% |
| NORX | +7.5% | +4.0% |
| Total Trade | -2.0% | +0.4% |
NORX showed positive growth in October 2024.
It increased by 7.5%, building on the 4.0% rise seen in September 2024.
This growth was seen in both electronic and non-electronic goods.
Despite growth in some areas, total trade fell by 2.0% in Oct 2024.
This decline follows a small growth of 0.4% in September 2024.
Both exports and imports decreased during this period.
Do you think Singapore’s trade performance will improve in the coming months?
Do you think Singapore's trade will rebound in the coming months, or could the October decline signal a longer-term slowdown?
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