Oiling the wheels of trade: High oil prices boost oil trade by 29%

Oil prices will likely hover around the $100-110 per barrel range.

According to International Enterprise (IE) Singapore, total trade in the first half of 2011 grew year-on-year by 9.6 percent, due to increases in both oil and non-oil trade. Oil trade, in particular, rose by 29 percent in the same period because of high oil prices.

Meanwhile International Enterprise (IE) Singapore reported the following second quarter results:

On a y-o-y basis, oil domestic exports rose by 29 percent in 2Q 2011, after increasing by 35 percent in 1Q 2011. In volume terms, oil domestic exports contracted by 0.7 percent in 2Q 2011, after the 11 percent expansion in 1Q 2011.

On a q-o-q SA basis, oil domestic exports declined by 3.8 percent in 2Q 2011, in contrast to the previous quarter’s increase of 28 percent.

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