Annual report 2008/2009 (International Enterprise Singapore) : promoting overseas growth and trade

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This is FY2008 annual report of the International Enterprise Singapore. It provides key highlights and shows how IE Singapore prepares Singapore-based enterprises to navigate the new economic phase, signified by a credit- and capital-constrained world. Despite the global contraction which started in the third quarter of last year, Singapore's trade rose by 9.6 per cent in 2008, an increase from the 4.5 per cent growth in 2007. Singapore's total trade increased to a record high of S$928 billion in 2008 from the previous year's S$847 billion. The expansion in external trade was due to higher oil trade, which grew by 50 per cent, boosted primarily by record high oil prices in the first three quarters of 2008.