SINGAPORE: Total merchandise trade in Singapore declined by 15.2 per cent in the second quarter of 2020, following a slight growth of 0.5 per cent in the previous quarter.
Domestic exports of electronic products grew by 10.6 per cent, after a 2.3 per cent decline in the previous quarter. The largest contributors to the growth were ICs , disk media products and telecommunications equipment . Electronic NORX rose by 7.4 per cent, after the 2.8 per cent growth in the previous quarter. This is due to higher re-exports of ICs , diodes & transistors and parts of PCs .
Total services trade contracted by 22 per cent, reaching S$107 billion in the second quarter of 2020, with the contraction of both services exports and imports . This follows a 3.2 per cent decline in the previous quarter.Oil trade contracted by 61.9 per cent amid lower oil prices than a year ago, following the 15.9 per cent decline in the previous quarter.
On a year-on-year basis, oil re-exports contracted by 27.5 per cent, after the 63.8 per cent expansion in the first quarter.
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