India-Singapore trade touches SGD 14.87 billion so far in 2010

SINGAPORE: India and Singapore trade totaled SGD 14.87 billion in the first six months of this year, up 45 per cent from SGD 10.8 billion in the same period a year ago, the Singapore trade agency said today.

Singapore's June imports from India more than doubled to SGD 1.34 billion from SGD 641.3 billion a year ago while exports increased to SGD 1.75 billion from SGD 1.09 billion a year ago for the six months ended June 30, 2010, according to data released by the International Enterprise Singapore.

Meanwhile, Singapore's total trade growth projection for this year has been revised to between 17 per cent and 19 per cent from 14 per cent and 16 per cent.

The city state's June trade totaled SGD 76.85 billion, up by 1.65 per cent from a month earlier.

Separately, Singapore's economic growth for this year was revised upwards in the range of 13 per cent to 15 per cent compared with the earlier forecast of between 7 per cent and 9 per cent.

The Trade and Industry Ministry's advance estimates for the second quarter of this year indicates that the city state's economy has continued to expand strongly. Compared to the same period last year, real Gross Domestic Product is expected to grow by 19.3 per cent.