SINGAPORE: Singapore on Friday ( Nov 22 )  , cut its , non-oil domestic exports ( NODX )  , growth forecast for 2024 amid a weaker-than-expected recovery.
NODX in 2024 is then expected to grow by about 1 per cent year-on-year, over from the forecast in August of a 4 to 5 per cent development, said Enterprise Singapore.
International trade and growth may be impacted by uncertainties in the world economy, such as a more difficult and competitive trade environment, despite the general positive physical environment, it continued.
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At the most recent release, it was made clear that there could be con risks, including a slower-than-expected recovery in the second quarter of 2024, which may cause NODX growth to fall below the projected range.
That failure has materialised, said EnterpriseSG, with NODX performing weaker than expected,  , mainly due to the dangerous parts such as medicine and ships and boats.
This has continued to ponder on the third quarter functionality.
Down from 56 % in the previous quarter, 8 % of companies in the pharmaceuticals sector’s net weighted balance predicted new export orders for the fourth quarter.
Electronic NODX performance also moderated in September (-0.7 per cent year-on-year ) and October ( 2.6 per cent ). This was compared to the , double-digit growth , in July , and August, at 16.7 per share and 35.1 per cent both.
EnterpriseSG noted that the , International Monetary Fund has  , projected that world economic activity will increase by 3.2 per share in 2025.
Most of Singapore’s important business associates, including China, the US, the 27 member states of the European Union and ASEAN-5 ( Indonesia, Malaysia, the Philippines, Singapore and Thailand ) are projected to grow, it said.
” Also, on the business front, the WTO ( World Trade Organization ) expects global merchandise trade to grow by 3 per share in 2025, faster than the 2.7 per cent in 2024, although , rising geopolitical conflicts and economic policy doubt pose upside risks to its estimates”, said EnterpriseSG.