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Review of 2Q 2022 Trade Performance


Total Merchandise Trade

  • Grew by 28.1% in 2Q 2022, following the 20.8% growth in 1Q 2022
  • Non-oil trade rose by 19.9%; oil trade expanded by 69.5% amid higher oil prices than a year ago
  • Both non-oil domestic exports (NODX: +9.1%) and re-exports (NORX: +21.5%) grew

2022 Forecasts

  • Adjusted upwards for total merchandise trade (+15.0% to +16.0%) and NODX (+5.0% to +6.0%), on account of better-than-expected 2Q 2022 performance, driven by oil and electronics trade; higher expected 2022 oil prices to support oil trade, and in turn total trade

Total Services Trade

  • Increased by 12.9% to reach S$168 billion in 2Q 2022

Click here to read the full report.