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Review of 2021 Trade Performance


Total Merchandise Trade

  • Grew by 19.7% in 2021, after the 5.2% decline in 2020
  • Non-oil trade rose by 15.9%
  • Oil trade expanded by 43.6% amid higher oil prices than a year ago
  • Both non-oil domestic exports (NODX: +12.1%) and re-exports (NORX: +19.2%) grew

2022 Forecasts

  • Maintained at “0.0% to +2.0%” for both total merchandise trade and NODX; growth expected to ease from a high base in 2021, in line with global economic and trade outlook

Total Services Trade

  • Increased by 6.8% to reach S$609 billion in 2021, after the 0.7% decline in 2020

Click here to read the full report.