Singapore's total trade grows 2.9% year-on-year in Q2 2012
Singapore’s total trade grew by 2.9 per cent in the second quarter of 2012 on a year-on-year basis, following the 7.5 per cent expansion in the first quarter according to figures released by the International Enterprise (IE) Singapore on Friday.
The level of total trade reached $252 billion and this can be attributed to increases in both oil and non-oil trade.
On a quarter-on-quarter basis, Singapore’s total external trade declined by 3.1 per cent in the second quarter, in contrast to the previous quarter’s expansion of 5.3 per cent.
Non-oil domestic exports (Nodx) grew year-on-year by 3.9 per cent in the second quarter of 2012, following the previous quarter’s increase of 6.1 per cent. This was due to the higher shipments of both electronic and non-electronic Nodx.