Total trade skyrocketed to $902bn in 2010

Singapore’s total trade rose by 21 per cent in 2010 after a decline of 19 per cent in 2009.

Exports and imports grew by 22 per cent and 19 per cent respectively in 2010. The rise in external trade was due to an increase in both oil and non-oil trade. Oil trade rose by 31 per cent in 2010 after the previous year’s decline of 31 per cent. Non-oil trade grew by 18 per cent in 2010, after the decrease of 15 per cent in 2009.

On a quarter-on-quarter seasonally adjusted (q-o-q SA) basis, Singapore’s total external trade declined by 0.8 per cent in 4Q 2010, compared to the previous quarter’s rise of 0.2 per cent. On a year-on-year (y-o-y) basis, Singapore’s total external trade expanded by 12 per cent in 4Q 2010 after the previous quarter’s growth of 18 per cent. The level of total trade reached S$231 billion in 4Q 2010, lower than the previous quarter’s achievement of S$234 billion. Total exports and total imports grew y-o-y by 14 per cent and 9.7 per cent respectively in 4Q 2010.

NODX grew by 23 per cent in 2010 in contrast to the 11 per cent decline in 2009 due to higher sales of both electronic and non-electronic NODX.

NODX to all markets expanded in 2010. The biggest contributors to the increase in 2010 were the EU 27 (+31 per cent), China (+31 per cent) and Hong Kong (+36 per cent).

NORX increased by 18 per cent in 2010 after the previous year’s decline of 16 per cent on higher re-exports of both electronic and non-electronic NORX.