Lower projected oil prices to impact total trade in 2012

On a y-o-y basis, Singapore’s total external trade expanded by 5.4 per cent in 3Q 2011, down from the previous quarter’s 7.5 per cent increase. Total trade reached S$247 billion in 3Q 2011, higher than the previous quarter’s achievement of S$244 billion. Total exports and total imports grew by 4.8 per cent and 6.2 per cent respectively in 3Q 2011.

On a quarter-on-quarter (q-o-q) seasonally adjusted (SA) basis, Singapore’s total external trade declined by 1.7 per cent in 3Q 2011 after a marginal growth of 0.2 per cent in the previous quarter.

Total trade’s y-o-y rise in 3Q 2011 can be attributed to increase in oil trade which outweighed the contraction in non-oil trade. Oil trade expanded by 35 per cent y-o-y in 3Q 2011, following the previous quarter’s 29 per cent increase. Non-oil trade declined by 3.4 per cent in 3Q 2011, after the marginal 0.4 per cent expansion in the preceding quarter.