Singapore`s total 2010 trade rises 21pc to US$708 billion

Time:2011-02-22 Browse:43 Author:RISINGSUN

THE value of Singapore`s trade amounted to S$902 billion (US$708.28 billion) in 2010, an increase of 21 per cent after a 19 per cent contraction in 2009 when the total trade value stood at S$747 billion.

A government statement attributed the expansion in external trade to a rise in both exports and imports. Exports were up 22 per cent while imports grew 19 per cent in 2010.


It also said the increase in external trade was "due to an increase in both oil and non-oil trade. Oil trade rose 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."


Non oil domestic exports (NODX) grew by 23 per cent last year due to higher sales of both electronic and non-electronic NODX.


It said NODX to all markets expanded in 2010, with the biggest contributors being the European Union, up 31 per cent; China, up 31 per cent and Hong Kong, up 36 per cent.


Non oil re-exports (NORX) soared by 18 per cent last year, after 2009`s decline of 16 per cent, on the back of higher re-exports of both electronic and non-electronic NORX.


In 2011, total trade is projected to grow by between eight and 10 per cent, from the previously forecast of growth of between six and eight per cent. NODX is also expected to expand by between eight and 10 per cent.


In the fourth quarter of 2010, Singapore`s total external trade expanded by 12 per cent compared to the same period a year earlier after the previous quarter`s growth of 18 per cent. The value of total trade reached S$231 billion in the fourth quarter, lower than the previous quarter`s achievement of S$234 billion. Total exports and imports grew by 14 per cent and 9.7 per cent, respectively.