High base effect stumps trade growth

Total external trade may have expanded year-on-year by 12 percent in the first quarter of 2011 but the government said trade growth decelerated.

The level of total trade reached S$235 billion in the first quarter of 2011, higher than the previous quarter's achievement of S$231 billion. Total exports and total imports grew by 13 percent and 10 percent respectively in the first quarter.

Total trade's year-on-year rise in the first quarter can be attributed to higher oil and non-oil trade. Oil trade expanded by 30 percent year-on-year in the first quarter, following the previous quarter's 12 percent increase. Non-oil trade grew by 5.8 percent in the first quarter, after the 12 percent increase in last year’s fourth quarter.