SINGAPORE'S total trade rose by 17 per cent to reach $243 billion for the second quarter of this year. The figure is slightly higher than the 16 per cent increase for the first three months.
International Enterprise (IE) Singapore, an agency under the Ministry of Trade and Industry, in its outlook report of the city-state's 2008 economy said the growth in total trade was mainly driven by a 67 per cent increase in oil trade, boosted by record prices.
It said non-oil domestic exports fell by 5.5 per cent in the second quarter due to lower electronic and non-electronic exports, reversing the preceding quarters marginal 0.6 per cent gain.
Of the top ten export markets, it said the United States, the European Union and Thailand contributed most to Singapore's decline in exports.
Exports contracted by 2.4 per cent in the first half of the year.This was due the decrease in electronic exports.
IE said Malaysia was Singapore's top trading partner for the first half of the year with total trade between the two countries valued at $57.85 billion.
It said Singapore's projected total trade growth this year had been revised up to between 9.0 and 11 per cent from the previous forecast of 6.0 to 8.0 per cent.
Non-oil domestic exports growth was expected to be -4.0 to -2.0 per cent, down from the earlier projection of 2.0 to 4.0 per cent.
IE also said oil prices were likely to remain high because strong demand and tight supply was expected to persist in the market.
It said oil demand was expected to stay robust, particularly from the emerging economies despite slowing global economic growth and higher prices.
Oil prices were projected to average between US$115 and US$125 this year, significantly higher than the previous years US$72, the agency said.
'This is expected to help boost Singapore's oil trade growth this year,' IE added. -- BERNAMA
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