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Singapore’s total trade continue to decline in second quarter

Singapore's total trade continued its decline in the second quarter of 2013, contracting by 2 percent following the previous quarter's 9 percent decrease on a year-on-year basis.
Singapore's total trade continued its decline in the second quarterof 2013, contracting by 2 percent following the previous quarter's 9percent decrease on a year-on-year basis.

Thelevel of total trade reached 247 billion SGD in the period, higher thanthe previous quarter’s achievement of 230 billion SGD but down by 2percent in comparison with the same period last year. The decrease canbe attributed to the 10.8 percent decline in oil trade.

Also according to data released on Aug. 12 by the government tradepromotion agency International Enterprise Singapore (IE), non-oildomestic export (NODX) declined by 4.9 per cent in Q2 2013, on lowershipments of both electronic (down 11.5 percent) and non-electronic(down 1.4 per cent).

The first half of 2013saw continued year-on-year declines of both total trade and NODX. Totaltrade dropped by 5.5 percent year-on-year while NODX contracted by 8.8percent in the same period.

In view of thepoor performance of both total trade and NODX in the first half, theprojections for both total trade and NODX in 2013 are both downgraded tobetween 2.0 and 3.0 percent and between 0.0 and 1.0 percent,respectively.-VNA
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