Feature Articles
Nominal and Real Trade Performance in the First Three Quarters of 2022
23 November 2022
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In the first three quarters of 2022, total trade growth in nominal terms outpaced that in real terms
Singapore’s total trade rose by 24.9 per cent year-on-year (y-o-y) in nominal terms in the first three quarters of 2022. Over this period, total trade in real terms grew at a slower pace of 8.7 per cent y-o-y. This article examines the drivers of Singapore’s nominal and real trade growth.
Both oil trade and electronics trade contributed to total trade growth in nominal and real terms in the first three quarters of the year, with their growth in nominal terms faster than that in real terms
Oil trade and electronics trade are major components of total trade, accounting for 16.3 per cent and 36.1 per cent of nominal total trade respectively in 2021. In the first three quarters of 2022, oil trade and electronics trade expanded in both nominal and real terms, thereby contributing to growth in nominal and real total trade: