SINGAPORE cheap nike air vapormax flyknit , Aug. 11 (Xinhua) -- International Enterprise Singapore, a government agency that promotes international trade and partners Singapore companies to go global, announced on Friday the country's total merchandise trade increased 9.5 percent year on year in the second quarter of 2017.
That extended the 16.4 percent expansion in the previous quarter, as both oil and non-oil trade grew.
Oil trade increased 27.7 percent on a yearly basis in April-June period amid higher oil prices than a year ago, moderating from the 77.1 percent expansion in the preceding quarter. Non-oil trade rose 5.9 percent in the second quarter cheap nike air vapormax plus , following the 6.9 percent increase for the first three months of 2017.
In the second quarter, Singapore's non-oil export grew 5.7 percent year on year as against a 10.2-percent expansion for the first quarter. The non-oil domestic exports (NODX) rose 2.7 percent year on year, narrowing down from 15.3 percent increase for the previous quarter. The authority attributes the continued growth to the increased shipments of electronic products which outweighed the decrease in non-electronics.
In detail, domestic exports of electronic products hiked 13.3 percent year on year in the second quarter, comparing with the 9.5 percent growth for the first quarter. Domestic exports of non-electronic products declined 1.1 percent year on year cheap nike hyperadapt 1.0 , as that for the previous quarter expanded 17.8 percent year on year.
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A government-backed think tank is predicting first quarter gross domestic product growth to fall to 6.85 percent, as a vice-finance minister said this year could be the "most challenging" economic environment since the global financial crisis in 2008.
A report by the National Academy of Economic Strategy, under the Chinese Academy of Social Sciences, said GDP growth will slip from the fourth quarter's 7.3 percent and the key inflation gauge, the consumer price index cheap nike hyperdunk x , will rise 1.2 percent year-on-year in the first quarter.
If its prediction proves right, it would be the second-worst quarterly performance since the first quarter of 2009, when growth plunged to 6.1 percent in the aftermath of the global financial crisis.
Using a set of monthly data released by the National Bureau of Statistics, Bloomberg has calculated that monthly GDP growth in January slowed to 6.85 percent and 6.28 percent in February.
Wang Hongju, a CASS researcher cheap nike exp x14 , said, however, that China has "ample ammunition" to deal with downward economic pressure in the second quarter, including reserve requirement ratio cuts, loan-deposit ratio adjustments and infrastructure spending.
The new CASS figures came as vice-minister of finance Zhu Guangyao said over the weekend that he considered the current international economic environment as the most challenging since the global financial crisis.