SINGAPORE, Feb 15 (NNN-XINHUA) – Singapore’s total merchandise trade declined 11.7 percent last year, and total services trade contracted 3.8 percent, according to data released by Enterprise Singapore, today.
Oil trade contracted 16.3 percent in 2023, and non-oil trade declined 10.5 percent, which drove the decrease in total merchandise trade.
Amid lower oil prices and sluggish global electronics demand, oil trade and electronics trade dove 29 percent and 43 percent of the decline in total merchandise trade respectively, said the government agency.
Enterprise Singapore noted that global electronics demand will recover this year, as inventory levels normalise. It upgraded the growth forecast for non-oil domestic exports from four percent to six percent.
The agency maintained its growth projection for total merchandise trade this year at four percent to six percent.– NNN-XINHUA
