Singapore trade expands 1.1% in 2012






SINGAPORE: Singapore's total external trade rose by 1.1 per cent in 2012, a contrast to the 8.0 per cent rise seen in the previous year.

The trade growth is lower than the previously projected range of between 3.0 and 4.0 per cent, said IE Singapore in its news release on Friday.

This, IE Singapore said, is due to poor trade performance in 4Q 2012.

Total trade reached S$984.9 billion in 2012, higher than the previous year's achievement of S$974.4 billion.

On a year-on-year basis, Singapore's total trade dropped by 2.9 per cent in 4Q 2012, following the previous quarter's decrease of 2.2 per cent due to decreases in both oil and non-oil trade.

Non-oil domestic exports (NODX) rose by 0.5 per cent in 2012, following the preceding year's increase of 2.2 per cent, due to higher shipments of non-electronic exports.

IE Singapore said the 0.5 per cent growth is lower than their projected 2012 growth of 2.0 to 3.0 per cent. This is due to a worse than expected NODX's performance in 4Q 2012.

Looking ahead, IE Singapore said projected total trade for 2013 is maintained at between 3.0 and 5.0 per cent while projected NODX growth for 2013 is kept at between 2.0 and 4.0 per cent.

- CNA/fa



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