Singapore trade declines 20.8% YoY in July

This is following a 19.3% YoY contraction in the previous month.

Total trade in Singapore fell by 20.8% year-on-year (YoY) as both oil and non-oil trades contracted during the period.

In a statement, Enterprise Singapore said oil trade declined by 35.1% YoY amidst lower oil prices whilst non-oil trade was down by 16.8% YoY as non-electronics and electronics trade fell by 16.6% and 17% respectively.

Total exports were down by 18.4%, whilst total imports dipped by 23.4%.

On a month-on-month seasonally-adjusted basis, total trade grew by 1% with total trade reaching $98.5b.

ALSO READ: Economy to grow 1.7% in 2023; manufacturing trade to underperform

Non-oil domestic exports were down 20.2% YoY due to the 26.1% contraction in electronic products and 18.5% in non-electronic products.

Oil domestic exports, meanwhile, decreased by 37.4% due to lower exports in Malaysia, Indonesia and Europe.

Non-oil re-exports posted a 10.7% dip during the period due to the decline in electronics and non-electronics it said.

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