Highlights

Total Merchandise Trade

• Grew 25.7% in 3Q 2022, following the 28.1% growth in 2Q 2022
• Non-oil trade rose 18.0%; oil trade expanded 65.8% amid higher oil prices than a year ago
• Both non-oil domestic exports (NODX: +7.2%) and re-exports (NORX: +19.8%) grew

2022 and 2023 Forecasts

• 2022: Adjusted upwards for total merchandise trade to “+19.5% to +20.0%” and NODX to “around +6.0%”, due to better-than-expected performance to-date, driven by oil and electronics trade; higher expected 2022 oil prices to support oil trade, and in turn total trade
• 2023: Cautiously optimistic forecast of “-2.0% to 0.0%” for both total merchandise trade and NODX; performance to ease from a high base in 2022 and lower expected oil prices

Total Services Trade

• Increased by 14.2% to reach S$173 billion in 3Q 2022

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