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Singapore's total trade declines 0.5% in 2013

Singapore's total trade declined by 0.5 per cent to S$980.2 billion in 2013. The decline in trade fell short of previously projected forecast range of between 1.0 and 2.0 per cent, said International Enterprise (IE) Singapore in a news release issued Thursday morning.

SINGAPORE: Singapore's total trade declined by 0.5 per cent to S$980.2 billion in 2013.

This is compared to 2012's achievement of S$984.9 billion.

The decline in trade fell short of previously projected forecast range of between 1 and 2 per cent, said International Enterprise (IE) Singapore in a news release issued Thursday morning.

On a year-on-year basis, Singapore's total trade grew 3.8 per cent in the fourth quarter of 2013, compared to a 5.8-per cent expansion in the previous quarter.

According to IE Singapore, the rise in total trade was due to an increase in non-oil trade, which outweighed decline in oil trade.

On a quarter-on-quarter seasonally-adjusted basis, total external trade declined 1 per cent in Q4 2013, following an expansion of 1.7 per cent in the previous quarter.

Non-oil domestic exports (NODX) contracted 6 per cent in 2013 due to lower electronic and non-electronic exports.

On a year-on-year basis, NODX contracted 2.1 per cent in the fourth quarter of 2013 due to lower shipments of electronic NODX, which outweighed the rise in non-electronic NODX.

As for non-oil re-exports (NORX), there was an expansion of 9.8 per cent in 2013. This followed a marginal increase of 0.3 per cent in the previous year.

On a year-on-year basis, NORX grew 16.6 per cent in Q4 2013 due to higher shipments of both electronic and non-electronic NORX.

Oil domestic exports edged down 0.3 per cent in 2013, compared to a 2.8-per cent expansion in the previous year. The decline was due to lower shipments of oil to EU 28, China and Australia.

Oil domestic exports rose 1.8 per cent year-on-year in the fourth quarter of 2013.

Oil re-exports contracted 23.3 per cent in 2013, following a 26.6-per cent decrease in the previous year. The decline was mainly due to Indonesia, Vietnam and Malaysia.

Oil re-exports declined by 10.9 per cent year-on-year in Q4 2013, after decreasing by
23.2 per cent in the third quarter. 

According to IE Singapore, the projections for both total trade and NODX are maintained at between 1 and 3 per cent in 2014. 

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