SINGAPORE: Singapore’s total merchandise trade decreased by 9.5% in 2015, in contrast to the 0.1% expansion in the previous year, said Singapore’s trade promotion board. Total merchandise trade reached $884.1 billion in 2015, lower than the previous year’s achievement of $977.0 billion. Total merchandise exports contracted by 7.2% in 2015 while merchandise imports declined by 12.1% in the same period.
NODX contracted by 0.1% in 2015, following the preceding year’s decline of 1.5%, due to lower exports of non-electronic NODX which outweighed the increase in electronic NODX. On a y-o-y basis, NODX contracted by 3.5% in 4Q 2015, following the previous quarter’s decrease of 2.2%, on lower shipments of both electronic and non-electronic NODX.
NODX to all top markets, except the US, the EU 28, Thailand, Hong Kong and South Korea, declined in 2015. The biggest contributors to the contraction in 2015 were China (-6.4%), Taiwan (-9.9%) and Indonesia (-10.1%). IE Singapore’s 2016 growth projection is maintained at between 0.0 and 2.0% for NODX and adjusted downwards to between -1.0 and 1.0% for total merchandise trade.
