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Total trade expands for second straight quarter: IE Singapore

Total trade in the Republic grew for a second straight quarter, with an increase of 7.2 per cent in the first quarter of the year compared to the same period last year, IE Singapore announced this morning (May 20).

SINGAPORE: Total trade in the Republic grew for a second straight quarter, with an increase of 7.2 per cent in the first quarter of the year compared to the same period last year, IE Singapore announced this morning (May 20).

This followed a 3.8 per cent increase in the previous quarter.

IE Singapore attributed the Q1 gains to both oil trade - which reversed a decline in the previous quarter to notch a 10.1 per cent gain - and non-oil trade, which grew by 6.1 per cent on-year.

Non-oil exports, which includes both non-oil domestic exports (NODX) and non-oil re-exports (NORX), grew 7.3 per cent on-year in the first quarter of 2014. However, NODX dipped by 1 per cent in the same period, following a 2.1 per cent contraction in the previous quarter, on lower shipments of electronics.

IE Singapore maintained the annual forecast for both total trade and NODX at between 1 and 3 per cent. "The global economy is still expected to show modest improvement in 2014 with expected improvements in the advanced economies. (But) downside risks remained, such as the pace of QE (quantitative easing) tapering in the United States and the ongoing restructuring of China's economy," the agency said in today's media release.

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