Singapore’s total trade slipped 3.5% in Q3 on back of sluggish exports

Trade to three top markets dipped.

Singapore’s total trade declined by 3.5% year-on-year in the third quarter, compated to the 2.9% increase in the previous quarter.

According to data released today by International Enterprise Singapore, the decline can be attributed to the decrease in both oil and non-oil trade.

Oil trade contracted by 5.5% in Q3, after the previous quarter’s increase of 8.2%. Meanwhile, non-oil trade declined by 2.7% in 3Q 2014, compared to the previous quarter’s rise of 0.9%.

Non-oil domestic exports (NODX) to three top markets Japan, Thailand, and Hong Kong declined year-on-year during the quarter, but overall NODX inched up 1.1% year-on-year in Q3.

IE Singapore has revised its total trade and NODX forecasts for 2014 to between 1.5 and 2.0% and between -1.5 and -1.0% respectively.

In 2015, total trade and NODX are projected to grow moderately by between 0.0 and 2.0% and between 1.0 and 3.0% respectively.