Singapore's total merchandise trade declines by 6.7 pct in Q3
Source: Xinhua Time:2019-11-22 19:55:00
Singapore's total merchandise trade declined by 6.7 percent year on year in the third quarter of 2019 to 256.5 billion Singapore dollars (about 188.23 billion U.S. dollars), due to the decline in both oil and non-oil trade, according to a report released by Enterprise Singapore on Thursday.
The government agency said that the decline in total merchandise trade for the third quarter was larger than that for the second quarter, which was 2.2 percent.
In the third quarter, Singapore's oil trade decreased by 19 percent year on year amid lower oil prices than a year ago, following the 7.6 percent decline in the previous quarter. Its non-oil trade declined by 3.5 percent in the quarter, following the previous quarter's 0.7 percent decrease.
Singapore's non-oil domestic exports (NODX) fell by 9.6 percent year on year in the third quarter, after the 14.7 percent decline in the previous quarter, due to decreased shipments of both electronic and non-electronic products. The non-oil re-exports (NORX) fell by 1.3 percent year on year, after a 3.3 percent expansion in the second quarter, due to the lower shipment of both electronic and non-electronic re-exports.
The government agency estimated that Singapore's total merchandise trade could decline by 4-4.5 percent in the whole year of 2019, and the NODX could decline by 9.5-10 percent. It forecasts that the 2020 growth projections are 0-2 percent for both total merchandise trade and NODX.
Enterprise Singapore also announced that Singapore's total services trade decreased by 0.2 percent year on year to 124.1 billion Singapore dollars in the third quarter, comparing to the 1.2 percent growth in the previous quarter. In a breakdown, the total services exports fell by 0.6 percent, and the imports rose by 0.3 percent.