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Media Releases
23 Nov 2020 Updated 24 Nov 2020

Review of 3Q 2020 Trade Performance

MR No.: 091/20

Singapore, Monday, 23 November 2020.

Highlights

  • Total merchandise trade declined by 6.3% in 3Q 2020, easing from the 15.3% contraction in 2Q 2020; oil trade declined at a slower pace in 3Q 2020 (-39.5%; 2Q 2020: -61.9%), while non-oil trade grew (+0.8%), after the previous quarter’s decline (-3.5%).
  • Non-oil domestic exports (NODX) grew by 6.5%; non-oil re-exports (NORX) rose by 0.7%.
  • Total merchandise trade and NODX forecasts for 2020 are adjusted upwards to “-7.5% to -7.0%” and “+4.0% to +4.5%” respectively, amid better-than-expected performance for specific products, e.g. non-monetary gold & specialised machinery; electronics also grew.
  • For 2021, growth projections are at “+1.0% to +3.0%” for total merchandise trade and “0.0% to +2.0%” for NODX.
  • Total services trade declined by 18.5% to reach S$111.9 billion in 3Q 2020.

Read the full report.

 

Monthly Trade Statistics

Enterprise Singapore is the official source of Singapore's trade statistics. We release monthly trade statistics with the latest analysis of Singapore’s non-oil domestic exports (NODX) and non-oil re-exports (NORX) on a month-on-month and year-on-year basis.

Latest reports are released on the 17th of every month, or on the nearest working day if the 17th is a Saturday, Sunday or public holiday.

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