SINGAPORE, Aug. 11 (Xinhua) -- Enterprise Singapore, a government agency, said on Tuesday that it adjusted the 2020 growth projection for Singapore's total merchandise trade upwards from "-12 to -9 percent" to "-10 to -8 percent."
Meanwhile, it adjusted the 2020 growth projection for Singapore's Non-oil Domestic Exports (NODX) from "-4 to -1 percent" to "3 to 5 percent."
Global economic outlook remained uncertain, though global trade growth is now less likely to reach the worst-case scenario earlier projected, said Enterprise Singapore.
It also said that in the second quarter of 2020, Singapore's total merchandise trade declined by 15.2 percent year-on-year to 216.4 billion Singapore dollars (about 157.62 billion U.S. dollars), compared to a 0.5-percent growth in the previous quarter. Of the amount, oil trade contracted by 61.9 percent amid lower oil prices than a year ago, while non-oil trade declined by 3.3 percent.
Meanwhile, Singapore's NODX grew by 6.5 percent year-on-year. In a breakdown, domestic exports of electronic products grew by 10.6 percent year-on-year, and domestic exports of non-electronic products grew by 5.4 percent year-on-year.
Enterprise Singapore also said that Singapore's total services trade contracted by 22.2 percent in the second quarter, following the 3.2 percent decline in the previous quarter. Total services trade reached 107 billion Singapore dollars for the quarter, with both services exports and imports contracting by 20.3 percent and 24.1 percent respectively. (1 U.S. dollar equals 1.37 Singapore dollars)