Singapore's total exports rise 23pc in December

SINGAPORE's domestic exports, not including oil products, grew by 26 per cent in December 2009 compared to the same month a year earlier, following an 8.7 per cent rise in November.

On a year on year basis, the volume of such domestic exports to Singapore's top 10 markets in December all experienced increases except for Japan, which fell 3.9 per cent. Non-oil domestic exports to Hong Kong increased 79 per cent, to Taiwan, 127 per cent and to the European Union by 27 per cent.

Total trade expanded by 20 per cent in December 2009 compared to the same month in 2008, after a 0.4 per cent increase the previous month. Total exports grew by 23 per cent year on year in December 2009, following a 4.5 per cent rise the previous month, according to the latest government figures.

Total imports grew by 16 per cent year on year in December, reversing the 3.8 per cent decrease the preceding month.

Singapore's oil exports rose by 60 per cent in December 2009 year on year, after the preceding month's 4.5 per cent increase. The rise in oil exports was mainly due to higher sales to Malaysia, up 113 per cent; China, up 285 per cent; and Panama, up 75 per cent. In volume terms, oil exports grew by 17 per cent in December 2009, reversing the 14 per cent decrease the previous month.

For the whole of 2009, total trade declined by 19 per cent compared to the previous year, due to lower oil and non-oil trade. Exports decreased 18 per cent, while imports fell 21 per cent.

(Source: www.schednet.com)