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International Trade Management - Module
Singapore's trade performance in 2020 The COVID-19 pandemic has had a significant impact on Singapore's trade performance. In 2020, merchandise trade for Singapore fell by 5.2% to S$969 billion (Enterprise Singapore, 2021). According to data from Enterprise Singapore, exports and imports fell by 3.2% and 7.4% respectively. A significant contribution to the decline was due to the contraction in oil trade by 31.0%. Total services trade also fell by 14.3% to S$497 billion. This was after a 5.7% growth registered in 2019. Nonetheless, the year 2020 saw services exports and imports falling by 12.7% and 16.1% respectively.
Question 1
In view of the developments in international trade for Singapore, outline the merchandise trade and services trade profile of Singapore using the latest available annual data for the country. (40 marks) You can refer to resources including those from Enterprise Singapore and the World Trade Organization for further information.
Notes/sources that could be used:
Enterprise Singapore 2021.
Could use these for reference
Enterprise Singapore
MTI
Singapore Benefits FTA
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