Singapore's total trade declined by 19 per cent to SGD747 billion (US$529.04 billion) in 2009. The decrease was attributed to contractions in both oil and non-oil trade, which declined by 31 and 15 per cent respectively.
The contraction in external trade was also blamed on lower exports and imports, which fell by 18 per cent and 21 per cent year on year, respectively, in 2009.
On a year on year basis, the lion city's non oil domestic exports (NODX) fell by 11 per cent in 2009 after a 7.9 per cent contraction the previous year. The decline was due to lower electronic and non-electronic NODX.
With the exception of Hong Kong and Taiwan, NODX to Singapore's top 10 markets contracted in 2009. The three markets that made the highest contributions to the NODX decline were the US with volumes down 24 per cent, the European Union down 15 per cent and Malaysia down 16 per cent, a government statement said.
Non oil re-exports (NORX) fell by 16 per cent last year, after increasing by two per cent in 2008, on slower growth of both electronic and non-electronic NORX.
In 2010 total trade is projected to increase between nine and 11 per cent, up from the previous forecast of seven and nine per cent, while NODX is expected to grow by between 10 and 12 per cent.