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SINGAPORE: Singapore's external trade contracted 21 per cent in the third quarter compared to a year ago.
The level of total trade reached S$199 billion in the three months to September. This is higher than the previous quarter's achievement of S$178 billion.
Exports declined by 20 per cent, while imports fell 23 per cent in the quarter.
Compared to the second quarter, total trade rose 8.4 per cent after adjusting for seasonal factors.
IE Singapore said the on-year decline in trade was due to both lower oil and non-oil trade. Oil trade contracted 36 per cent on-year in the third quarter, while non-oil trade decreased 15 per cent.
The government has revised its trade forecast for this year to a contraction of between 21 and 22 per cent, an marginal improvement from a previous forecast for a 21 to 23 per cent fall.
For the fourth quarter, trade is expected to continue on its recovery path.
Going into next year, the government projects trade to grow between seven to nine per cent, mainly due to higher projected oil prices and an expected recovery in global demand. - 938LIVE/vm
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