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Singapore's total merchandise trade grows by 0.3 pct in 2014

Xinhua, February 17, 2015 Adjust font size:

Singapore's total merchandise trade grew by 0.3 percent in 2014, in contrast to the 0.5 percent decline in 2013, said a report released Tuesday by the International Enterprise (IE) Singapore.

Singapore's total merchandise trade reached 982.7 billion Singapore dollars (725.3 billion U.S. dollars) in 2014, higher than the previous year's achievement of 980.2 billion Singapore dollars (723.5 billion U.S. dollars), said IE Singapore.

Total merchandise exports expanded by 1.1 percent in 2014 while merchandise imports declined by 0.6 percent in the same period.

The growth in total merchandise trade was due to an increase in non-oil trade which outweighed the decline in oil trade.

Oil trade contracted by 1.7 percent in 2014, after declining by 5.1 percent in the preceding year. Non-oil trade increased by 1.0 percent in 2014, following the 1.4 percent growth in 2013.

The International Enterprise (IE) Singapore is the government agency driving Singapore's external economy, which spearhead the overseas growth of Singapore-based companies and promote international trade. Endi