Singapore’s total trade expands by eight per cent

Singapore’s total trade expanded by eight per cent to S$ 974 billion in 2011 from the previous year’s S$ 902 billion, said International Enterprise Singapore (IE Singapore).

In a statement on Thursday, IE Singapore said this, however, was slower than the 21 per cent growth in 2010.

It said the eight per cent growth was within its previously projected range of between eight and nine per cent.

IE Singapore said non-oil domestic exports (NODX) grew by 2.2 per cent in 2011 after rising by 23 per cent in the previous year due to higher non-electronic exports.

The non-oil re-exports (NORX) declined by 0.6 per cent in 2011 compared to the preceding year’s increase of 18 per cent on lower shipments of electronic NORX, it said.

It said the projected total trade and NODX growth in 2012 were both maintained at between three and five per cent.

IE Singapore said total exports and total imports grew by 7.5 per cent and 8.6 per cent respectively in 2011.

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