Singapore trade slows to 2.9% in 2Q12

Seasonally adjusted, external trade declined qoq by 3.1%.

On a y-o-y basis, Singapore’s total external trade rose by 2.9 per cent, slower than the previous quarter’s increase of 7.5 per cent, reports IE Singapore in its Review of 2Q 2012 Trade Performance report.

The level of total trade reached S$252 billion in 2Q 2012, identical to the previous quarter’s achievement. Total exports and total imports grew by 1.4 per cent and 4.6 per cent respectively in 2Q 2012.

On a quarter-on-quarter seasonally adjusted (q-o-q SA) basis, Singapore’s total external trade declined by 3.1 per cent in 2Q 2012, in contrast to the previous quarter’s expansion of 5.3 per cent.

Total trade’s y-o-y rise in 2Q 2012 can be attributed to increases in both oil and non-oil trade. Oil trade grew y-o-y by 1.5 per cent in 2Q 2012, slower than the preceding quarter’s increase of 12 per cent. Non-oil trade expanded by 3.6 per cent in 2Q 2012, after the 5.4 per cent increase in 1Q 2012.