Singapore's non-oil export growth experienced a steep decline in December 2024, as indicated by recent data updated on January 17, 2025. The growth rate of non-oil exports halted at a mere 1.70%, a drastic drop from November's robust figure of 14.70%. This sharp decline marks a significant turn for the city-state's trade sector, which had previously enjoyed a strong upward trajectory in its export performance.
The month-over-month analysis highlights a stark comparison wherein November 2024 experienced a considerable increase in non-oil exports, rising by 14.70% from October. However, the latest data paints a less optimistic picture for December, indicating a noteworthy slowdown in growth momentum.
Economists and analysts may delve deeper into this sudden downturn to understand factors contributing to the deceleration. With global economic conditions continuously evolving, Singapore's trade sector may have encountered external challenges that impacted its December export volumes. Stakeholders will keenly watch upcoming developments to gauge whether this is a one-off occurrence or a trend that might persist in the upcoming months.
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