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Singapore’s merchandise trade down 7.8% in Q1

Agencies . Singapore
26 May 2023 00:00:00 | Update: 25 May 2023 22:44:38
Singapore’s merchandise trade down 7.8% in Q1

EnterpriseSingapore foresees that exports will decline 10 per cent to eight per cent. The total merchandise trade in Singapore fell 7.8 per cent in the first quarter (Q1) of 2023 as non-oil trade declined for the second quarter, EnterpriseSingapore (EnterpriseSG) revealed in its report.

The report also mentioned that the government predicts that total merchandise trade will be downgraded to 8 per cent to 6 per cent due to worse-than-expected performance hit by the manufacturing downcycle and lower expected oil prices.

On a quarter-on-quarter seasonally adjusted basis, total merchandise trade fell by 4.5 per cent in 1Q 2023, after the previous quarter’s decline of 11.3 per cent. Oil and non-oil trade went down by 10.2 per cent and 3.0 per cent, respectively in Q1 2023. Non-oil trade also fell 9.5 per cent whilst oil trade posted a flat performance amidst lower oil prices compared to 2022.

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