Singapore’s imports and exports increased last year; Trade growth expected to slow in 2022 in line with global outlook

Domestic oil exports rose in nominal terms in 2021 amid higher oil prices than a year ago, said Singapore company.

Domestic oil exports rose 38% last year, rebounding from a 28.1% contraction in 2020. This was driven by increased oil shipments to Australia, Indonesia and Malaysia .

In volume, national oil exports fell by 10.2% in 2021, after growing by 3.6% in 2020.

2022 OUTLOOK

Looking forward, Enterprise Singapore said it expects higher oil prices to support oil trade and hence total trade this year.

However, the pace of growth is expected to slow from the high base of 2021, in line with the global economic and trade outlook.

He kept growth projections for 2022 for total merchandise trade and NODX between 0% and +2%.

In a separate release on January data, Enterprise Singapore said that total trade rose 25 percent, down from the previous month’s 31.4 percent expansion.

January’s NODX rose 17.6%, down from December’s 18.4% growth.

In January, electronics shipments rose 14% year-on-year, compared to a 13.6% increase the previous month.

Shipments of non-electronic products dipped slightly, however, to end the month up 18.6%, compared to 19.9% ​​in December.