International Enterprise Singapore has raised its growth forecast for Singapore's 2010 non-oil domestic exports from 10%-12% to 14%-16%.
IE Singapore stated that the upward revision is primarily based on three factors: first, the strong growth in WorldWay during the first quarter, which has driven a global economic rebound; second, Asian economies have largely restored their export volumes to pre-2008 crisis levels, supported by export growth and domestic demand, which has had a positive impact on Singapore's exports; third, the economic and trade situation in the United States has improved, leading to a restart in demand from Singapore's final export markets.
