​Recent Trends in Singapore’s Merchandise and Services Exports

Growth in global merchandise exports has been sluggish in recent years. After rebounding strongly from the Global Financial Crisis (GFC) in 2009, global merchandise exports growth slowed between 2012 and 2014 before turning negative in 2015. Compared to the pre-GFC period of 2004 to 2008, when global merchandise exports rose at a compound annual growth rate (CAGR) of 15 per cent, global merchandise exports declined at a CAGR of 2.6 per cent from 2011 to 2015.