|Singapore's Trade Plunges in 2013|
|by Tom McGregor||Wed, Feb 19, 2014, 09:29 PM|
Global economists were forecasting that Singapore would see a 1 to 2 percent jump of total trade in 2013, but actual figures disclosed that the city-state saw a decline of 0.5%.
Channel NewsAsia reports that, "Singapore's total trade declined by 0.5 per cent to S$980.2 billion in 2013. The decline in trade fell short of previously projected forecast range of between 1.0 and 2.0 per cent, said International Enterprise (IE) Singapore in a news release issued Thursday morning."
Disapointing trade figures reveal that President Barack Obama's claims that the US economy has entered the recovery phase does not appear to be an accurate statement. Singapore's trade relies heavily on American consumers.
According to Channel NewsAsia, "On a year-on-year basis, Singapore's total trade grew 3.8 per cent in the fourth quarter of 2013, compared to a 5.8-per cent expansion in the previous quarter. According to IE Singapore, the rise in total trade was due to an increase in non-oil trade, which outweighed decline in oil trade."
Obama plans to make an Asian Tour in April to visit American allied countries in the region, but he did not schedule a trip to Singapore.
To read the entire article from Channel NewsAsia, link here:
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