SINGAPORE, May 23 (Xinhua) -- Singapore's merchandise trade grew 4.8 year-on-year in the first quarter, and the services trade increased 7.5 percent, the government agency Enterprise Singapore said Thursday.
Meanwhile, the non-oil domestic exports (NODX) declined 3.4 percent in the first three months, driven largely by volatile pharmaceuticals exports.
The NODX to Singapore's top markets, except the Chinese mainland and Hong Kong, declined in the first quarter. The European Union, the United States, and Japan were the top contributors to the contraction.
Singapore's domestic oil exports grew 6 percent from January to March, reversing the 2.1 percent decline in the previous quarter.
Taking the possible electronics demand recovery in the second half of this year and the robust global economic outlook, Singapore expects its merchandise trade and the NODX to grow between 4 and 6 percent throughout 2024. ■
