Singapore Trade Performance 2022

In 2022, there was a 17.7% growth in Total Merchandise Trade, following a 19.7% increase in 2021. Non-oil trade saw an increase of 11.9%, while oil trade expanded by 47.5% due to higher oil prices compared to the previous year. Both Non-oil domestic exports (NODX) and re-exports (NORX) grew, with NODX growing by 3.0% and NORX growing by 13.4%.

Looking ahead to 2023, the forecasts for both total merchandise trade and NODX are maintained at "-2.0% to 0.0%," as performance is expected to ease from the high base in 2022 and due to lower expected oil prices.

In terms of Total Services Trade, there was a 10.8% increase in 2022, reaching S$758 billion, following a 16.5% growth in 2021.

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<Source> Enterprise Singapore