Singapore overall imports & exports fell by 16% in Q1
Singapore is a very powerful economy. It stands 35th on the list of largest economies by GDP. According to the Singapore customs data reports, the country's total trade value was estimated around $990 Billion. Singapore is the 19th largest exporter of goods in the world. Whereas, in terms of imports, Singapore was ranked 16th biggest importer in the world. As per the latest Singapore import export data reports, the overall exports and imports were down by 16% in the first quarter of FY 2023. In March 2023, Singapore's overall trade fell by 8.4%. The oil products had seen a major decline of 16% and the non-oil products share of imports were down to 65%. During March 2023, Singapore's overall trade value crossed $104 billion while it was $96 Billion in the previous month. As compared to the same period last year, there is a sharp decline in imports and exports of the country. Singapore's oil exports are mostly to Australia and Indonesia, which declined by 15% during ...