Singapore’s total merchandise trade increased by 9.2% to SGD1.1 trillion (about US$810 billion) in 2018, compared to the 11.1% growth in 2017, government agency Enterprise Singapore says.
Exports and imports grew by 7.9% and 10.6%, respectively, in 2018, the agency added.
Non-oil domestic exports (NODX) rose 4.2% last year, compared to the 8.8% increase in 2017, due to higher exports of non-electronic NODX which outweighed the decline in electronics.
In a breakdown, the electronic NODX declined by 5.5% in 2018, compared to the 8% rise in 2017; and the non-electronic domestic exports grew 8.2%, compared to the 9.2% rise in the previous year.
Meanwhile, the non-oil re-exports (NORX) increased by 8.1% year-on-year last year, after the 5.5% increase in 2017.
Singapore’s oil domestic exports grew by 17.1% year-on-year in 2018, following the 33.4% expansion in the preceding year. In volume terms, oil domestic exports declined by 4.5% in 2018, compared to the 6.5% rise in 2017.
The authority said the total trade and NODX growth are expected to moderate in 2019. Singapore’s key trade partners such as China, ASEAN-5, the Eurozone, the United States and newly industrializing economies are expected to grow, though the pace is likely to moderate from the performance in 2018 and 2017.
Thus, it sets the 2019 growth projections at 0% to 2% for total merchandise trade and NODX.
January total trade
Meanwhile, for January 2019, total trade rose 4.3% year-over-year, supported by import and export growth and extending the 1.6% growth in the preceding month.
Total imports grew by 8.0%, following the 6.1% rise in the previous month. Total exports increased by 1.0% in January 2019, after the 2.5% decline in December.
NODX decreased by 10.1% in January 2019 from the high base a year ago, after the 8.5% decline in December 2018; both electronics and non-electronics declined.
NODX to the top markets declined in January 2019, mainly due to China, South Korea and Hong Kong.
NORX grew by 12.3% in January 2019, following the 7.2% increase in December 2018; both electronics and non-electronics increased.
Photo: William Cho