Singapore’s total merchandise trade down 7.8% in Q1 | Asian Business Review
, Singapore
158 views

Singapore’s total merchandise trade down 7.8% in Q1

EnterpriseSingapore foresees that exports will decline 10% to 8%.

The total merchandise trade in Singapore fell 7.8% 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% to 6% 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% in 1Q 2023, after the previous quarter’s decline of 11.3%. 

Oil and non-oil trade went down by 10.2% and 3.0%, respectively in Q1 2023. Non-oil trade also fell 9.5% whilst oil trade posted a flat performance amidst lower oil prices compared to 2022.

Under non-oil trade, domestic electronics products shrunk by 25.2% in Q1 2023, followed by a 15.9% decrease in the previous quarter. Domestic non-electronic products declined by 13.6% in Q1 2023, following the 13.4% decrease in the previous quarter.

NODX to the top markets as a whole declined in Q1 2023, mainly due to China, Hong Kong, and Taiwan.

The top markets for non-oil trade, except Japan, fell in Q1 2023 with the biggest contributors to the NODX that declined were China (-22.5%), Hong Kong (-40.2%), and Taiwan (-25.4%).

Total services trade, meanwhile, grew 1.7% to reach $186b in Q1 2023.

Follow the link for more news on

Dear Me Beauty berencana membuka flagship store

Store ini dapat menjadi fondasi bagi pertumbuhan pasar yang lebih luas.

Erajaya Digital membuka toko elektronik terbesarnya

Cabang ini merupakan toko konsep ke-80 dari sekitar seribu cabang yang tersebar di seluruh Indonesia.

Prudential, StanChart memperkuat 25 Tahun kemitraan bancassurance

Mereka memiliki kemitraan bancassurance terlama di Singapura dan Asia.

MSIG Asia dan RiskPoint mempertaruhkan asuransi energi terbarukan

Kawasan Asia-Pasifik berpotensi menarik investasi sebesar $3 triliun dalam pembangkitan listrik hingga 2033.

Industri kecantikan Jepang melawan produk palsu online dengan teknologi blockchain

Kemasan pintar membantu memastikan konsumen membeli produk asli.