Singapore’s total trade reached 86.9 billion SGD in March 2014, an 11.4 percent increase over the same period last year or a rise of 1.7 percent from February.

In the first quarter of this year, total trade recorded year-on-year increases of 2 percent, 9 percent and 11.4 percent in January, February and March, respectively, thus showing signs of economic recovery.

In a statement on April 17, International Enterprise Singapore said total exports grew 7.9 percent, while total imports rose 15.3 percent on-year.

Oil domestic exports expanded 6.9 percent on-year last month, mainly due to higher sales to China, Indonesia and Vietnam. Non-oil re-exports (NORX) rose 18.7 percent year-on-year in March thanks to an increase in electronic NORX (up by 19 percent) and non-electronic NORX (up by 18.4 percent).

Singapore’s non-oil domestic exports (NODX) fell 6.6 percent on-year in March after an 8.9 percent spike in February, dragged down by declines in electronics shipments (down 16.1 percent) and non-electronics shipments (down 2.4 percent).

NODX to all of the top 10 NODX markets, except China and Malaysia, contracted in March with the top three contributors to the NODX decrease being the EU, Hong Kong and the Republic of Korea.

Early this year, International Enterprise Singapore predicted a growth of between 1 percent and 3 percent in the whole 2014.-VNA