Exports and trade forecasts trimmed again as China slowdown weighs on growth

Weak oil prices are also at fault.

Singapore has once again trimmed its exports and trade forecasts for 2015, in light of persistently low commodity prices and China’s long-drawn economic slowdown.

IE Singapore has officially downgraded its 2015 non-oil domestic exports (NODX) forecast range to just 0.5% to 1%, down from initial forecasts of 1% to 2% and 1% to 3%.

For 2016, regulators expect that exports will also experience very minimal to zero growth, with the official forecast range pegged at 0% to 2%.

Meanwhile, total merchandise trade is expected to drop by 9.5% to 10.5% this year, on back of low oil prices. Total merchandise trade is forecasted to grow by up to 2% next year, in light of an expected recovery in oil prices.