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The International Enterprise Singapore projects total trade to grow between 9% and 11% in 2010, up from the previous forecast of a 7% to 9% expansion. Non-oil domestic export is expected to grow by 10% to 12%, trade promotion agency said on Friday. Due to a better than expected trade performance in the fourth quarter of 2009, total trade in 2009 contracted 19%, which was better than the previous estimate.
Looking ahead, the agency said external environment is expected to improve in 2010 with the World Bank estimating global output to grow by 2.7% this year. Further, oil trade growth is projected to be stronger as oil prices are likely to rise steadily in 2010.
The main downside risks to the trade outlook for 2010 include a sluggish global recovery, slow recovery in household spending, and high commodity prices which may impede global growth.
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