Earthtimes.org, 14 Apr 2009
Singapore - Singapore on Tuesday revised its total trade projection for this year to a drop of 22 to 25 per cent, from previous expectations of a decline of 17 to 19 per cent, citing weak export markets. Non-oil domestic exports for 2009 are expected to contract by 10 to 13 per cent, from an earlier projection of a 9 to 11-per-cent decline, International Enterprise (IE) Singapore, a government trade agency, said.
The contraction in both Singapore's total trade and non-oil domestic exports was larger than expected for the first quarter of this year. Trade was down 28 per cent and exports 26 per cent, compared to a growth of 16 per cent and 0.6 per cent respectively in the same period last year, the agency said.
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