HOW DID THE GLOBAL RECESSION ALTER SINGAPORE’S EXPORT PROFILE?

World merchandise exports contracted by 23 per cent in 2009 - the sharpest decline since World War II. Singapore’s merchandise trade dropped by an even greater magnitude of 27 per cent in the first half of 2009 compared to the same period in 2008. Singapore’s domestic exports were particularly hard-hit, falling by 29 per cent. While global trade flows have recovered from the lows of the first half of 2009, it is useful to consider if the shock brought about by the global recession altered Singapore’s export profile significantly.

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