Highlights
Total Merchandise Trade
- Grew 17.7% in 2022, following the 19.7% increase in 2021
- Non-oil trade rose 11.9%; oil trade expanded 47.5% amid higher oil prices than a year ago
- Both non-oil domestic exports (NODX: +3.0%) and re-exports (NORX: +13.4%) grew
2023 Forecasts
- Maintained at “-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 10.8% to reach S$758 billion in 2022, after the 16.5% growth in 2021
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