Singapore’s total trade hit with 4.7% contraction in August

This follows a 2.5% decline in July.

Data released today by the International Enterprise Singapore revealed that the country’s total trade fell by 4.7% year-on-year in August. On a seasonally adjusted basis, the level of total trade reached $80.5 billion in August, lower than July’s record of S$80.6 billion.

On a year-on-year basis, total exports declined by 1.2% in August, following the 1.6% contraction in July. Total imports also decreased by 8.6% last month following the 3.5% decline in July.

Meanwhile, non-oil domestic exports (NODX) grew by 6.0% year-on-year in August, in contrast with July’s 3.3% decrease.

On a month-on-month seasonally adjusted basis, NODX increased by 7.6% last month due to both electronic and non-electronic NODX. On a seasonally adjusted basis, the level of NODX reached S$14.9 billion in August 2014, higher than the S$13.9 billion registered in the previous month.