SINGAPORE: Singapore’s total merchandise trade - driven by both oil trade and non-oil trade - grew 17.7 per cent in 2022, shrinking from the 19.7 per cent rise the previous year. Total merchandise trade reached S$1.4 trillion in 2022, compared with S$1.2 trill
SINGAPORE: Singapore’s total merchandise trade - driven by both oil trade and non-oil trade - grew 17.7 per cent in 2022, shrinking from the 19.7 per cent rise the previous year.
Enterprise Singapore attributed the increase in total merchandise trade to both oil and non-oil trade, with oil trade rising 47.5 per cent in 2022 amid higher oil prices a year ago, following a 43.6 per cent growth in the previous year.Total trade merchandise decreased by 1 per cent in the fourth quarter of 2022, after seven quarters of expansion and following a 25.7 per cent in the previous quarter. During this period, oil trade grew by 14.1 per cent while non-oil trade decreased by 4.
Demand for non-electronic products grew 3.8 per cent in 2022, following a 10.9 per cent rise in 2021. The largest contributors to the increase in exports were structures of ships and boats, measuring instruments and specialised machinery. Top NODX to Singapore’s top markets grew in 2022, except for China, Hong Kong and Thailand. The biggest contributors to the NODX increase were the US, European Union countries and Malaysia.Oil domestic exports expanded by 52.4 per cent in 2022, extending the 38 per cent growth in 2021, said Enterprise Singapore.In volume terms, oil domestic exports grew by 1.7 per cent in 2022, after a 10.1 per cent decline in the previous year.
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