Enterprise Singapore (ESG) has increased its forecasts for total merchandise trade to +13.0% to +14.0% and +7.0% to +8.0% for its non-oil domestic exports (NODX) in 2021 on Aug 11.

The higher estimates were due to better-than-expected growth in the 2Q2021 due to favourable sector-specific growth, namely in electronics, specialised machinery and petrochemicals.

NODX of petrochemicals, particularly, grew at a faster pace after declining amid a global downcycle in 2019 and 2020.

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