Singapore’s total trade declined by 27 percent in the second quarter 2009 over the same period last year, following the previous quarter’s decrease of 28 percent.
According to official figures from International Enterprise Singapore on Tuesday, the level of total trade reached 178 billion Singapore dollars (124.48 billion U.S. dollars) in second quarter 2009, higher than the previous quarter’s 165 billion Singapore dollars (115.39 billion U.S. dollars).
On a year-on-year basis, total exports and total imports declined by 25 percent and 28 percent respectively in second quarter 2009.
On a quarter-on-quarter seasonally adjusted basis, Singapore’s total trade rose by 3.8 percent in the second quarter, after the 14 percent contraction in the first quarter.
In the second quarter, Singapore’s key non-oil domestic exports (NODX) decreased by 14 percent over the same period last year, following the 26 percent contraction in the first quarter, due to lower shipments of electronic and nonelectronic NODX.
The slowdown in total trade has moderated though outlook for the rest of the year remains subdued. The projection for total trade growth in 2009 is raised to minus 23 percent to minus 21 percent, up from the previous forecast of between minus 25 percent and minus 22 percent, while NODX growth is narrowed to between minus 12 percent to minus 10 percent.