SG bucks 2-year trade decline as total imports and exports jump 19.7% YoY

This growth translates to a $1.2t total merchandise trade in 2021.

Enterprise Singapore reported a 19.7% boost in the country's total merchandise trade hitting $1.2t in 2021.

This marks the end of a two-year downward trend, with a 3.2% decline in 2019 and a 5.2% in 2020.

Individually, exports and imports increased by 19.1% and 20.4%, respectively, for the year.

Non-oil exports, which include both non-oil domestic exports (NODX) and non-oil re-exports (NORX), also grew by 16.5% for the year, following the preceding year’s 1.7% growth.

NODX increased by 12.1% in 2021 due to higher shipments of both electronic (up 16.3% YoY) and non-electronic products (10.8%). Meanwhile, in the fourth quarter (Q4), NODX grew by 20.1%, continuing the 7.1% rise from the previous quarter.

Except for the US, Japan, and the EU 27, NODX to the top markets grew. The top three contributors to the increase were China (29.1%), Taiwan (29%), and South Korea (26.3%).

On the other hand, electronic NODX to the top markets also grew in 2021, barring the US. The biggest contributors to the increase include South Korea (72.8%), Hong Kong (22.5%), and Taiwan (22.4%).

NORX also echoed the upward trend with a 19.2% rise in 2021, following a 0.1% rise in 2020. Factors include higher shipments of both electronic and non-electronic re-exports, which, respectively, had increases of 24.8% and 12.9%.

ICs, telecommunications equipment, and diodes and transistors had respective increases of 29%, 12.7%, and 15.3%. Non-electronic products, meanwhile, were backed by non-monetary gold, specialised machinery, and electrical machinery having increases of 92.4%, 52% and 31%, respectively.

On a YoY basis, NORX was up by 20.8% in Q4, extending the 16.3% increase from the previous quarter. Following this trend were non-electronic NORX (+22.5%) and electronic NORX (+18.7%).

For electronic products, PCs contributed the most at 56.1%, whilst ICs and diodes and transistors followed at 26.5% and 11.7%, respectively. Non-electronic NORX, meanwhile, saw non-monetary gold take the lead with a 120.6% contribution, followed by non-electric engines and motors and specialised machinery at 67%.

Oil domestic exports, meanwhile, grew by 38% in 2021, making up for the 28.1% contraction in 2020. Countries that contributed the most growth to this include Australia, Indonesia, and Malaysia at 139.3%, 62.3%, and 39%.

In terms of volume, however, a decline by 10.2% was seen in the same year, down from the previous year’s 3.6% growth.

YoY, oil domestic exports increased by 78.2% in Q4 2021, extending the previous quarter’s 49.2% growth.

Oil re-exports also continued this trend with a 10.1% YoY increase in 2021, following the 5% decline in 2020. Japan (688.5%), China (84.7%), and Malaysia (47.6%) saw the most contribution.