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Tuesday, August 12, 2008

Singapore 2Q 2008 Trade Performance and Outlook for 2008

  • Singapore’s total trade rose by 17 per cent to reach $243 billion in 2Q 2008. The growth in total trade was mainly driven by a 67 per cent increase in oil trade, which brings the total trade growth in 1H 2008 to 17 per cent.
  • NODX fell by 5.5 per cent in 2Q 2008 due to lower electronic and non-electronic NODX. Of the top ten NODX markets, the US, the EU 27 and Thailand made the highest contributions to the NODX decrease. NODX contracted by 2.4 per cent in 1H 2008 due to a decrease in electronic domestic exports.
  • On the other hand, NORX increased by 7.3 per cent in 2Q 2008 because of higher electronic and non-electronic NORX. This brought NORX growth in 1H 2008 to 6.2 per cent.
  • The projected total trade growth in 2008 has been revised up to between 9.0 and 11 per cent from the previous forecast of 6.0 to 8.0 per cent while NODX growth is expected to be -4.0 to -2.0 per cent, down from the earlier projection of 2.0 to 4.0 per cent.

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