Singapore’s total trade grew in 2012
According to Singapore’s International Enterprise (IE), Singapore’s total external trade rose by 1.1 percent in 2012, following the 8.0 percent increase in the previous year.
The total trade reached S$984.9 billion in 2012, higher than the previous year’s achievement of S$974.4 billion. Meanwhile, total exports declined marginally by 0.9 percent in 2012 while imports grew by 3.2 percent in the same period.
The growth in external trade was due to an increase in non-oil trade which outweighed the decrease in the oil trade. Oil trade was contracted by 0.4 percent in 2012, after growing by 30.9 percent in the preceding year. Non-oil trade increased by 1.7 percent in 2012, faster than the previous year’s rise of 0.7 per cent.
On a year-on-year basis, Singapore’s total trade declined by 2.9 percent in during the last quarter of 2012, following the previous quarter’s decrease of 2.8 percent.
Meanwhile, Singapore’s total external trade expanded by 0.7 percent in last quarter of 2012, after a decline of 5.4 percent in the previous quarter.
Non-oil Domestic Exports or NODX rose marginally by 0.5 percent in 2012, following the preceding year’s increase of 2.2 per cent, due to higher exports of non-electronic NODX which outweighed the decline in electronic NODX. The biggest contributors to the increase in NODX in 2012 were Hong Kong, South Korea, and Taiwan. However, the NODX increase of 0.5 percent in 2012 was lower than the projected 2012 growth of 2.0 to 3.0.
Electronic NODX declined by 4.1 per cent in 2012, following the 11.6 percent contraction in the previous year. Non-electronic NODX rose by 3.0 per cent in 2012, after increasing by 11.7 percent in 2011.
Domestic exports of electronic products (comprising 33.6 percent of NODX) declined by 4.1 percent in 2012 after the previous year’s decrease of 11.6 percent. The contraction in electronic NODX was largely contributed by parts of PCs, ICs, diodes and transistors.
Domestic exports of non-electronic products (comprising 66.4 per cent of NODX) grew by 3.0 percent in 2012 after the previous year’s increase of 11.7 percent. The expansion in non-electronic NODX was largely contributed by pharmaceuticals, specialised machinery, and civil engineering equipment parts.
Meanwhile, oil domestic exports increased by 2.8 percent in 2012, slower than the 38.6 percent expansion in the previous year. The rise in oil domestic exports was due to increased shipments of oil to Indonesia, Australia, and Malaysia. In volume terms, oil domestic exports rose marginally by 0.4 percent in 2012, after posting a growth of 8.2 per cent in 2011.
The start of 2013 saw Singapore’s total trade rising year-on-year by 1.4 percent in January 2013, compared to the 8.2 percent decrease in the previous month.
According to IE, Global macroeconomic conditions have shown signs of stabilisation over the recent months. “However, uncertainties in global demand outlook continue to be blurred by economic uncertainties, especially in the developed economies. The projections for both total trade and NODX are maintained at between 3.0 and 5.0 percent and between 2.0 and 4.0 percent respectively,” IE reported.