SINGAPORE, Feb. 14 (Xinhua) -- Singapore's total merchandise trade rebounded in 2024, rising by 6.6 percent to reach 1.3 trillion Singapore dollars (about 962 billion U.S. dollars), following an 11.7 percent contraction in 2023, according to an official report released on Friday.

The growth was driven by an 8.3 percent increase in non-oil trade, while oil trade remained relatively flat, declining by 0.1 percent due to lower oil prices, said the report released by Enterprise Singapore, a statutory board under the Ministry of Trade and Industry.

Non-oil domestic exports (NODX) edged up by 0.2 percent, while non-oil re-exports (NORX) registered a stronger increase of 10.2 percent.

Looking ahead, the NODX is forecast to grow by 1.0 percent to 3.0 percent in 2025, in line with the World Trade Organization's expectations for a faster expansion in global merchandise trade, said the report. However, it cautioned that uncertainties in the global economy could pose risks to this outlook.

Meanwhile, total services trade grew by 8.6 percent in 2024, reaching 998 billion Singapore dollars, following a 4.8 percent rise in 2023. (1 Singapore dollar equals 0.74 U.S. dollars) Enditem

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