Thu, 02 Dec 2021

SINGAPORE, Nov. 24 (Xinhua) -- Singapore's total merchandise trade grew by 19.1 percent year on year in the third quarter of 2021 to 291 billion Singapore dollars (about 213.05 billion U.S. dollars), according to a report released by Enterprise Singapore on Wednesday.

This came after the 27.3 percent growth in the second quarter, the government agency said.

In the third quarter, Singapore's oil trade increased by 50 percent year on year amid higher oil prices, extending the 98.4 percent surge in the previous quarter. Its non-oil trade grew by 14.6 percent in the quarter, following the previous quarter's 18.9 percent increase.

Singapore's non-oil domestic exports (NODX) grew by 9 percent year on year in the third quarter, after the 10.1 percent rise in the previous quarter. Both electronic and non-electronic NODX rose in the third quarter. The non-oil re-exports (NORX) grew by 16.4 percent year on year in the third quarter, after the 26.6 percent expansion in the previous quarter.

The government agency adjusted its total merchandise trade projection for 2021 upwards to 17-17.5 percent, and adjusted its NODX projection for 2021 to 9.5-10 percent. As for the year of 2022, Enterprise Singapore gave cautiously optimistic forecasts of 0-2 percent for both total merchandise trade and NODX.

Enterprise Singapore also announced that the country's total services trade increased by 7.5 percent year on year to 130 billion Singapore dollars in the third quarter, comparing to the 12.3 percent growth in the previous quarter. In a breakdown, the total services exports increased by 6.7 percent, and the imports increased by 8.3 percent.

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