Saving grace: Oil domestic exports up 54%

Oil trade mitigated the poor performance of its non-oil counterpart.

International Enterprise (IE) Singapore reported:

On a y-o-y basis, oil domestic exports rose by 54 per cent in 3Q 2011, after increasing by 29 per cent in 2Q 2011. In volume terms, oil domestic exports expanded by 16 per cent in 3Q 2011, after the marginal 0.7 per cent contraction in 2Q 2011.

On a q-o-q SA basis, oil domestic exports expanded by 9.5 per cent in 3Q 2011, in contrast to the previous quarter’s decline of 3.8 per cent in 2Q 2011.

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