Review of 2022 Trade Performance
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: Review of 2022 Trade Performance

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

Click here to read the full report.