ECONOMY | Staff Reporter, Singapore

Oil trade heats up amidst price hikes

Its 36% growth reversed the 18% decline in 2016.

Singapore's oil trade heats up amidst higher prices as it recovered from an 18% decline in 2016 to a 36% growth in 2017, Internation Enterprise (IE) Singapore revealed.

According to its review of trade performance, oil trade contributed 52% of the total trade growth in 2017, higher than its trade share of 20%. This helped Singapore's total trade expand by 11% to $967b in 2017.

The oil trade growth may partly reflect the recovery in oil prices (+24%) in 2017 from the low in 2016. In volume terms, oil trade also grew by 6.3% in 2017.

Meanwhile, non-oil trade grew by 6.4% in 2017, reversing the 1.9% decline in 2016.

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