SINGAPORE: Singapore's total merchandise trade rose by 11.1 per cent in 2017, largely reversing the declines of the previous two years, according to data released by International Enterprise (IE) Singapore on Wednesday (Feb 14).
Total merchandise trade reached S$967 billion in 2017, higher than the S$870 billion and S$915 billion in 2016 and 2015 respectively.
Both exports and imports expanded by 10.3 per cent and 12.1 per cent respectively in 2017.
Both oil and non-oil trade contributed to total merchandise trade growth in 2017, said IE Singapore.
Oil trade grew by 36.0 per cent in 2017, amid higher oil prices than a year ago after an 18.1 per cent decline in 2016.
Non-oil trade grew by 6.4 per cent in 2017, reversing the 1.9 per cent decline in 2016.
On a year-on-year basis, total merchandise trade rose 7.8 per cent in the fourth quarter of 2017, following the increase of 11.6 per cent in the previous quarter.
Oil trade grew 27.7 per cent in the fourth quarter last year, after the previous quarter's increase of 22.1 per cent. Non-oil trade increased by 3.6 per cent in the fourth quarter of 2017, following the previous quarter’s increase of 9.5 per cent.
NON-OIL EXPORTS HIGHER
Non-oil exports (NOX), which include both non-oil domestic exports (NODX) and non-oil re-exports (NORX), grew by 6.8 per cent in 2017, compared to the 3per cent decrease in 2016. On a year-on-year basis, NOX grew by 3.2 per cent in the fourth quarter of 2017.
NODX rose by 8.8 per cent in 2017, compared to the 2.8 per cent decline in 2016, due to higher exports of electronic and non-electronic NODX.
On a year-on-year basis, NODX increased by 10.4 per cent in the fourth quarter of 2017.
It follows the previous quarter’s 7.6 per cent growth, on increased shipments of both electronic and non-electronic products, said IE Singapore.
In addition, Singapore's total services trade rose by 4.7 per cent to reach S$463 billion in 2017, after a flat performance the previous year.
IE Singapore has adjusted its growth projection for 2018 upwards to between 1 and 3 per cent for NODX and 3 and 5 per cent for total merchandise trade.