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Singapore's Q2 total external trade slows to 2.9 pct on year

08-10-2012 15:50 BJT

SINGAPORE, Aug. 10 (Xinhua) -- International Enterprise (IE) Singapore announced Friday that the country's total external trade grew 2.9 percent on year in the second quarter, slowing from the previous quarter's growth of 7.5 percent.

The total trade's growth was mainly due to "increases in both oil and non-oil trade", the IE said, adding that annual oil and non-oil trade expanded 1.5 percent and 3.6 percent respectively in Q2. However, the annual growth rates were both slower than that of 12 percent and 5.4 percent in Q1.

On a quarter-on-quarter basis, Singapore's total external trade declined by 3.1 percent in Q2, reversing the previous quarter's expansion of 5.3 percent.

Singapore's non-oil domestic exports (NODX) grew by 3.9 percent on year in Q2, mainly due to the higher shipments of both electronic and non-electronic NODX. But the rise was slowing down from the 6.1 percent growth in the previous quarter.

On a quarter-on-quarter basis, NODX decreased by 3.3 percent in Q2, reversing the expansion of 8.6 percent in Q1, the IE added.

Electronic domestic exports saw an annual increase of 2.2 percent in Q2, after the previous quarter's 3.5 percent expansion. Non-electronic products, which accounted for 65.9 percent of the total NODX, rose by 4.8 percent in Q2, following the 7.4 per cent growth in the previous quarter.

Specifically, Singapore's NODX to the U.S. and China decreased on year, while the NODX to all the rest of the top markets expanded. The biggest contributors to the year-on-year NODX increase in the quarter were China's Hong Kong, Indonesia and South Korea, said the IE.

The agency also narrowed its projections for both total trade and NODX growth for 2012, from 3.0 and 5.0 percent to 4.0 and 5.0 percent.

"Despite the bearish global economic conditions, the second quarter of 2012 still saw positive year-on-year growth for both NODX and total trade, albeit at a slower rate compared to the first quarter of 2012. Singapore's trade in 2Q 2012 was mainly boosted by intra-Asian trade and in particular, trade with Malaysia, China and Vietnam," said IE.

 

 

Editor:James |Source: Xinhua

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