Review of 2Q 2023 Trade Performance
First published 11 Aug 2023 / Last updated 22 Nov 2023
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: Review of 2Q 2023 Trade Performance
MR No.: 037/23
Singapore, Friday, 11 August 2023
Highlights
Total Merchandise Trade
- Declined by 18.7% in 2Q 2023, extending the 7.8% decrease in 1Q 2023
- Non-oil trade declined by 15.3%; oil trade decreased (30.9%) amid lower oil prices compared to a year ago
- Both non-oil domestic exports (NODX: -13.4%) and re-exports (NORX: -14.9%) declined
2023 Forecasts
- Downgraded to “-10.0% to -9.0%” for total merchandise trade and narrowed to “-10.0% to -9.0%” for NODX; due to worse-than-expected performance to-date, weighed down by the manufacturing downcycle and lower oil prices
Total Services Trade
- Decreased by 1.9% to reach S$187 billion in 2Q 2023
Click here to read the full report.
