Singapore's Trade Sees a 20.8% Year-on-Year Decline in July

17 Aug, 2023

Singapore's Trade Sees a 20.8% Year-on-Year Decline in July.

In continuation of a 19.3% year-on-year decline observed in the previous month, Singapore's overall trade faced a significant contraction of 20.8% in a YoY comparison. This contraction was experienced across both oil and non-oil trades during the specified period.

Enterprise Singapore, in an official statement, highlighted the substantial decline in oil trade, recording a 35.1% year-on-year decrease. This decline was attributed to the impact of lower oil prices. In parallel, non-oil trade also suffered, experiencing a reduction of 16.8% year-on-year. Within the non-oil trade segment, both non-electronics and electronics trades faced declines of 16.6% and 17%, respectively.

The repercussions of this decline were evident across multiple trade metrics. Total exports registered a decrease of 18.4%, while total imports saw a dip of 23.4%.

In terms of a month-on-month comparison on a seasonally-adjusted basis, there was a modest growth of 1% in total trade, culminating in a total trade value of $98.5 billion.

Non-oil domestic exports saw a significant decline of 20.2% year-on-year, primarily due to a substantial contraction of 26.1% in electronic products and a further 18.5% decrease in non-electronic products.

On the other hand, oil domestic exports exhibited a noteworthy decrease of 37.4%, attributed to lower export volumes in key regions such as Malaysia, Indonesia, and Europe.

During this period, non-oil re-exports posted a decline of 10.7%, a consequence primarily driven by declines in both the electronics and non-electronics categories.