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Economy in Brief

Singapore Trade In Strong Recovery
by Louise Curley   October 18, 2010

The small island of Singapore--an area of some 263 square miles and a population of just over 5 million people--has one of the highest per capita GDPs in Asia. In 2009, per capita GDP was $36,537. Foreign trade is the source of much of its wealth. As the first chart shows net exports of goods and services have averaged about 25% of GDP over the past ten years. Not only has Singapore a thriving export and import trade, but it also has a large entrepot trade. In 2009, Singapore's domestic exports were S$20 billion, while re-exports were almost equal at S$19 billion.

The data released today show that total exports declined 2.3% from S$42.7billion in August to S$41.7 billion in September. Domestic exports were down 2.5% and re-exports, 2.1%. Imports declined 1.0% from S$35.8 billion in from August to S$35.4 billion in September. The balance on trade fell from S$7 billion in August to S$6.3 billion in September. Too much significance should not be attributed to the September decline. The data show considerable volatility month to month, but, more importantly, they also show a strong upward trend from the low point of January 2009.

Singapore(NSA, BIL S$) Sep 10 Aug 10 Sep 09 M/M % Y/Y % 2009 2008 2007
Exports 41.7 42.7 35.1 -2.30 18.84 391.1 476.8 450.6
Domestic 21.8 22.4 18.6 -2.51 17.25 200.0 247.7 234.9
Re-Exports 19.9 20.4 16.5 -2.08 20.63 191.1 229.1 215.7
 
Imports 35.4 35.8 33.1 -1.04 6.87 356.3 450.9 396.0
Balance 6.3 7.0 2.0 -0.7* 4.3* 34.8 25.8 54.6
Q2 10 Q1 10 Q2 09 Q/Q Chg Y/Y Chg 2009 2008 2007
Net Exports of Goods & Services 21.7 17.6 15.6 4.1 6.1 627.1 570.0 793.8
Real GDP 73.2 69.4 61.6 3.8 11.6 2474.6 2507.7 2460.7
* M/M and Y/Y change
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