Total trade contracts 19.2% YoY in June

This extended the 17.9% decrease in the previous month.

Singapore’s total trade in June declined by 19.2% year-on-year (YoY) in June, continuing the decline in the previous months, as both exports and imports fell during the period.

According to data from Enterprise Singapore, total exports went down by 17.2%, whilst imports declined by 21.4%.

On a monthly (MoM) seasonally adjusted basis, trade grew by 3.4% in June reaching $97.7b, with exports and imports growing by 3.5% and 3.3%, respectively.

Non-oil domestic exports (NODX) were down 15.5% YoY driven by the decline in Malaysia, Indonesia, and South Korea, despite the rise in Hong Kong and China.

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Under the NODX, electronic products declined by 15.9% YoY, whilst non-electronic products were down 15.4%.

Non-oil re-exports also contracted by 13.7% YoY, with electronic products and non-electronic products falling by 17.1% and 9.6,% respectively.

Meanwhile, oil domestic exports decreased by 30.9% YoY due to lower exports to Malaysia, Australia, and Indonesia, but oil domestic export volume was up by 13%.

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