Lower projected oil prices to impact total trade in 2012

Total trade is projected to grow moderately to between 3 and 5% in 2012 amidst subdued growth of the global economy.

Meanwhile the total trade forecast for 2011 has been revised downwards from 9 and 10% to between 8 and 9%.

International Enterprise (IE) Singapore reported:

On a y-o-y basis, Singapore’s total external trade expanded by 5.4 per cent in 3Q 2011, down from the previous quarter’s 7.5 per cent increase. Total trade reached S$247 billion in 3Q 2011, higher than the previous quarter’s achievement of S$244 billion. Total exports and total imports grew by 4.8 per cent and 6.2 per cent respectively in 3Q 2011.

On a quarter-on-quarter (q-o-q) seasonally adjusted (SA) basis, Singapore’s total external trade declined by 1.7 per cent in 3Q 2011 after a marginal growth of 0.2 per cent in the previous quarter.

Total trade’s y-o-y rise in 3Q 2011 can be attributed to increase in oil trade which outweighed the contraction in non-oil trade. Oil trade expanded by 35 per cent y-o-y in 3Q 2011, following the previous quarter’s 29 per cent increase. Non-oil trade declined by 3.4 per cent in 3Q 2011, after the marginal 0.4 per cent expansion in the preceding quarter.

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