Thanks to the increase in both oil and non-oil trade transactions.
Total merchandise trade grew for the fourth consecutive quarter after it rose to 11.7% YoY in Q3, according to a media release from International Enterprise (IE) Singapore.
The sustained growth this quarter is thanks to oil trade which increased 22.1% amidst higher oil prices whilst non-oil trade rose 9.6% in Q3.
Oil and non-oil trade contributed 31% and 69% to the 3Q 2017 total trade growth respectively.
On a QoQ basis, total merchandise trade increased by a marginal 0.1% in Q3 after posting a 0.6% decline last quarter thanks to increased non-oil trade transactions.
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