SINGAPORE: Singapore’s total merchandise trade - driven by both oil trade and non-oil trade - grew 17.7 per cent in 2022, shrinking from the 19.7 per cent rise the previous year.
Total merchandise trade reached S$1.4 trillion in 2022, compared with S$1.2 trillion in 2021 and S$969 billion in 2020, Enterprise Singapore said in a news release on Monday (Feb 13).
Enterprise Singapore attributed the increase in total merchandise trade to both oil and non-oil trade, with oil trade rising 47.5 per cent in 2022 amid higher oil prices a year ago, following a 43.6 per cent growth in the previous year.
Non-oil trade also grew by 11.9 per cent following a 15.9 per cent increase in 2021. Total trade merchandise decreased by 1 per cent in the fourth quarter of 2022, after seven quarters of expansion and following a 25.7 per cent in the previous quarter.