Singapore Imports As A Percentage Of Gdp

5%) of the overall value of its product purchases from other countries. b) calculate Japan's exports if imports are valued at $650 billion. The industrial policy in 1959 sought to promote industrialization as a way of diversifying from Singapore's traditional role as an entrepôt. 6%, or 23% of world import growth. The data reached an all-time high of 34,745. 4% (of GDP) (2017 est. It has nothing to do with energy consumption or how much we export — unless that manages to. Apart from petroleum, the country’s natural resources include natural gas, iron ore, gold, bauxite, diamonds and other minerals. Mark Perry, Foreign Trade More Important To Michigan Than Any Other State ‘Imports plus exports added up to 38. So we can have imports of 4b. 000 % for Dec 2015. 3 percent of GDP in 2013, Thailand spends proportionately less on health care than the Philippines, Malaysia or Singapore, but more than Indonesia (at 2. economy likely slowed further in the third quarter, held back by a moderation in consumer spending and declining business investment, which could s. GDP per capita in Singapore, for instance, is more than 30 times higher than in Laos and more than 50 times higher than in Cambodia and Myanmar; in fact, it even surpasses that of mature economies such as Canada and the United States. 5 percent gain seen by. Manufacturing's share of GDP sharply fell from 24. It is the market value of all final goods and services made within the borders of a nation in a year. The manufacturing sector is much more significant. import substitution A policy that encourages economic growth through export expansion is called ________. Forum dedicated on free discussion about Europe and its neighborhood. United States International Trade Commission - DataWeb. It enjoys an open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The data is from the Census Bureau's U. Singapore GDP Per Capita data is updated yearly, available from Dec 1960 to Dec 2018, with an average number of 10,726. Saved searches. In 2017 the GDP of Australia was $1. Singapore’s main exporter partners are China (15 percent of total exports),. 0 billion in 2018. It’s easy to make the leap from imports being subtracted to get to GDP to imports being a negative in a more general sense. Singapore's economic growth surged in the fourth quarter, rising 1. It’s a good measure of the country's standard of living. Also shown is the percentage share each export category represents in terms of overall exports from Singapore. Location of Singapore on a map. Gross domestic product, fourth quarter 2018 3 Gross domestic product at constant 2010 prices: fourth quarter of 2018 Primary sector The agriculture, forestry and fishing industry increased by 7,9% and contributed 0,2 of a percentage point to GDP growth. The high adoption rate for mobile devices will drive mobile e-commerce, with 55 percent of online shoppers choosing to shop using their mobile devices, according to PayPal. 7% of GDP in 2016, its lowest share since 2009. On the other hand, the share of industry in GDP has remained relatively static, amounting to between 13 and 14 percent. The average value for Singapore during that period was 12. Economy - overview: Singapore, a highly developed and successful free market economy, enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP equal to that of the Big 4 West European countries. Exports, particularly in electronics, chemicals and services provide the main source of revenue for the economy. Negotiations over the huge trade agreement — which, when finished, will govern 40 percent of U. 700 SGD mn in Mar 1982. The debt-to-GDP ratio is an equation with a country's gross debt in the numerator and its gross domestic product (GDP) in the denominator. New comments cannot be posted and votes cannot be cast. Determine the country's net imports for a specified period of time, usually one year. The real-world economy is more complicated than the one described in Economics for Everyone – even the more complete “circle” described in Chapter 23. 7 percent. 6% in 2019 and 5. The distribution gives the percentage contribution of agriculture, industry, and services to total GDP, and will total 100 percent of GDP if the data are complete. 2%; and the population was 6 million. " GDP measures domestic production during a certain period of time. GDP in Singapore averaged 86. 5 per cent, compared with the. 4 percent of GDP. 74 percent in 1972 and a maximum of 228. Export generation: Republic of Korea Abstract South Korea is one of the top 10 exporters in the world, registering a growth of exports as percentage of GDP from 29 in 1995 to 52 in 2009. 4 percent in 2022. Preview - Singapore Q4 GDP growth seen slowing to 1. But in 2014, as imports and domestic trade outpaced exports, the export intensity—or export share of GDP—of the top 100 metro areas slipped from 11. The average value for Singapore during that period was 168. 2% of GDP (2016 est. Liberian Economy. Singapore economy tipped for recession as US-China trade war slams imports, exports, manufacturing The gross domestic product (GDP) figure released on Tuesday was a huge decline on the 3. GROSS DOMESTIC PRODUCT: FOURTH QUARTER AND ANNUAL 2011 (ADVANCE ESTIMATE) Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 2. 9 % in 2013. Supported by sound domestic macroeconomic fundamentals and an accelerating recovery among other emerging markets and developing economies, the Philippines is expected to remain one of East Asia’s top growth performers. Indonesia exports to Singapore worth US$ 12,767 million, with a partner share of 7. Singapore: Growth rate of the real gross domestic product (GDP) from 2014 to 2024* (compared to the previous year) Gross domestic product (GDP) growth rate in Singapore 2024*. In 2011, Norway and Ireland had the highest GDP per hour worked followed by the United States. Imported aircraft and spacecraft was the fastest-growing top category thanks to its 47. 9 billion USD, roughly ten percent of which was sourced from the United States. 65 percent in 1976 and a maximum of 28. Singapore 4. 2: Shares of traditional and emerging partners in Africa's imports, exports and total trade, 2000 and 2009 (in percentage) Table 6. Now, this 4b is used partially to import components, and partially for increased national imports. 1 per cent, down from the previous forecast of 2. According to the WTO, Singapore has the highest trade to GDP ratio in the world at 407. compute compound annual percentage changes in real GDP (economic growth) and compute the shares in real GDP of consumption, investment, government spending, exports and imports. 431 Barrel/Day th in 2003. Mid-Year Population is used in the calculation of GDP per Capita. Unemployment is very low. Historically, international trade has strongly influenced the economy. 5 billion worth of imported products up by 1. The combined value of exports and imports is equal to 322. increased 1. Phases of the business cycles are peak, recession, trough, recovery, and expansion (when economy has expanded beyond the initial peak). residents, increased 1. On a quarterly basis, gross. ECO 2305 Test 3. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. Mark Perry, Foreign Trade More Important To Michigan Than Any Other State ‘Imports plus exports added up to 38. They found that service imports had increased 300 percent over the 10 year period to about 5 percent of total Finnish GDP. It’s a good measure of the country's standard of living. ) Definition: This entry shows where production takes place in an economy. The data reached an all-time high of 64,567. The trade to GDP ratio in Singapore is the highest in the world. com from thousands of data sources, including the IMF, World Bank, World Economic Forum and CIA. 93% annual rate, down -0. 9% among all countries in the world. 4 percent year-on-year in May, less than a 3. 338 trillion a year from January through March 2019. An economic growth rate of three percent for Thailand this year will be a challenge, the country's central bank governor said on Friday, indicating Southeast Asia's second-largest economy would. The process of integration has been particularly intensive in Western Europe , but it can be seen as a quite general feature. I think the other answers here are a bit technical, so let's simplify it a little and explain why exports might exceed 100% of GDP. 13 USD Billion from 1960 until 2018, reaching an all time high of 364. About 20% of Singapore's GDP comes from industry, and the secondary sector employs 15% of the workforce. Most official economic statistics are compiled at a national level. Singapore's gross domestic product grew 3. Click the sort buttons at the top of the chart. 2 percent in September, after falling 0. GDP in Singapore averaged 86. Singapore's total agricultural product imports in 2018 reached $9. GDP per hour worked was low-est in the Republic of Korea and the Czech Republic. The data reached an all-time high of 1,124. Top 10 Indian Imports from China. 1 percent drop. Final consumption expenditure of households and NPISHs. Government Debt to GDP in Singapore averaged 90. 9 percent in the second quarter on an annualized quarter-on-quarter basis, from 11. Exports of goods and services (% of GDP) World Bank national accounts data, and OECD National Accounts data files. 1% in the second quarter, well below the 1. The average value for Singapore during that period was 7. 60 percent of the country's Gross Domestic Product in 2017. In the second quarter, real GDP increased 4. Between 1990 and 2001, both Finland and France had average annual population growth rates of 0. 78 Million SGD in September from 40358. 1 percent in May 2018. 3% in 2020 – ADO 2019 Update Nepal's inflation rates forecasted at 4. GDP growth is now believed to have accelerated at a 3. Countries like Ghana, Algeria, Botswana, The Republic of Congo and Suriname also had higher rates of growth in per capita national income than the United States. Imported aircraft and spacecraft was the fastest-growing top category thanks to its 47. 6 percent but still down from the second quarter's growth rate of 2 percent, according to data. private industry gross domestic product (GDP) has remained steady at 7 percent, with segments ranging from. Singapore is a leading early-adopter market for tablet ownership, with household penetration estimated at 54 percent at the end of 2014. org/armstrade/html/export_toplist. About 20% of Singapore’s GDP comes from industry, and the secondary sector employs 15% of the workforce. 4% recorded in the forth quarter of 2017. 12% of firms in the services sector are optimistic about the business conditions while 11% of firms foresee slower business, resulting in a net weighted balance of 1% of firms predicting a more favourable business outlook for the period of Oct 2019 - Mar 2020. This rate is 6 -tenths of one percent higher than the figure of 1% published in the forth quarter of 2017. 5% and January-March’s 5. Some countries have enormous economic outputs only because they have so many people. This statistic shows the imports of goods and services from the United States between 1990 and 2017, as a percentage of GDP. 300 SGD mn in Sep 2018 and a record low of -931. Now, we add a manufacturing facility. Imports, percent of GDP in Asia: The average for 2017 was 49. GDP in Singapore averaged 86. 3 trillion in 2013, up 2. 3 percent) and taxes on income and wealth (13. Object Moved This document may be found here. "The fisheries GDP in the last 4. Gross domestic product (GDP) is the standard measure of the value added created through the production of goods and services in a country during a certain period. According to the WTO, Singapore has the highest trade to GDP ratio in the world at 407. 30 GDP Exports as a percentage of GDP Imports as a percentage of GDP Current from ECON 319 at McGill University. 02 percent in 2017. 6 percent in 2009 during the global financial crisis, but rebounded the following year with exceptional growth of 15. Nepal's GDP expected to grow by 7. 2 percent and Reuters' projection of 2. It is estimated that in 2009 exports to China accounted for 10. European Union-Singapore Free Trade Agreement (EUSFTA) The EUSFTA is the first FTA concluded between the EU and an ASEAN country Learn more Amaravati Partnership Office (APO) APO partners the Government of Andhra Pradesh (AP) for AP's institutional and economic development. As of June 30, 2018, according to the WTO, Indonesia had 110 nontariff. While up from the previous two years, this number is expected to. 9% to 2,462 ringgit ($591. The country also imports: crude oil (32 percent), miscellaneous manufactures (7 percent) and chemical products (7 percent). An animated overview of the Singapore economy, presenting the latest GDP, growth and industry breakdown, latest data and partners in investments in Singapore and abroad, profile of enterprises, and latest data and partners in trade in goods and services. It presents the most current and accurate global development data available, and includes national, regional and global estimates. They are intended as an early indication of GDP growth in the quarter, and are subject to revision when more comprehensive data become available. 3 percent in 1999. The national currency is the bolivar. 1% in the second quarter, well below the 1. about 7 percent C. The average applied tariff rate is 0. Singapore is the 15th largest export economy in the world and the 4th most complex economy according to the Economic Complexity Index (ECI). 4 percent of the GDP; commerce, far and away the largest sector, accounted for 32 percent. United Kingdom : GDP (million current US$, 2017) 2 624 529 : Rank in world trade, 2017 : Exports: Imports: GDP per capita (US$, 2015-2017). 2014 - 16 percent of total U. • Imports decreased 1. Exports of goods and services (% of GDP) World Bank national accounts data, and OECD National Accounts data files. 2%, while imports rose from 4. For the whole of 2017, Singapore's manufacturing grew 10. US GDP as a percentage of World GDP. is a general measure of labor -nomy. I may argue that it is an astonishing achievement," said Minister Susi on Friday, October 18, 2019. 9 percent the third quarter after climbing by 2. 0 percent, the same as in the previous quarter, and above forecasts of 1. Singapore’s total agricultural product imports in 2018 reached $9. In 1976, agriculture contributed about 8 percent of Iraq's total GDP, and it employed more than half the total labor force. Economy - overview: Singapore, a highly developed and successful free market economy, enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP equal to that of the Big 4 West European countries. 8 percent (vs 1. Some countries have enormous economic outputs only because they have so many people. Singapore’s 2Q GDP grew 2. 9% for the quarter in a consensus range of 1. 6 percentage points to the global increase of 2. CSV XML EXCEL. A surplus of exports of goods and services over imports indicates an economy is investing abroad, while a deficit indicates an economy is borrowing from abroad. Because of this negative offset for imports of goods and services, the sum of the other five items, excluding imports, will always total more than 100 percent of GDP. 5%) of the overall value of its product purchases from other countries. Global Finance Magazine™: find Singapore real Gross Domestic Product growth rate, forecasts and historical data, GDP per capita, GDP composition by sector Country Report 2017 - Browse a full set of economic indicators, selected by Global Finance editors, including real GDP growth rate, with latest for. Canada is the number one export market for 35 U. 7 Details of Outstanding Debt of the National Government, As a Percentage of GDP, 1994 - 2003 (In percent) Domestic 35. Singapore's trade agency is expecting slower export growth this year. What percentage of gross domestic product is in exports? How do you calculate consumption as percentage of GDP? if gdp is 719. Percentage of GDP 2019. Contraceptive prevalence rate: This field gives the percent of women of reproductive age (15-49) who are married or in union and are using, or whose sexual partner is using, a method of contraception according to the date of the most recent available data. 9% GDP: 2012: "The economy is in deep trouble. 3 trillion in 2013, up 2. over 10 percent B. Trade is a larger proportion of GDP for Australia than the large economies of the United States and Japan, but is lower than most other countries, particularly European countries and export-focused economies such as Germany and South Korea. The combined value of exports and imports is equal to 39. 'Just a matter of when': the $20bn plan to power Singapore with Australian solar Ambitious export plan could generate billions and make Australia the centre of low-cost energy in a future zero. The process of integration has been particularly intensive in Western Europe , but it can be seen as a quite general feature. 35% and imports of goods and services as percentage of GDP is 149. 850 SGD mn from Mar 1975 to Jun 2019, with 178 observations. 6 percent in 2017 slightly higher than forecasts, but will clock moderate development this year due to a fall in external demand, among others, the Ministry of Trade and. 2 Gross domestic product is measured at market prices, while value added by industry is measured at basic prices. Belgium is closely behind the Netherlands. GDP per Capita: GDP per capita is the best way to compare gross domestic product between countries. ) Definition: This entry shows where production takes place in an economy. 0 percent in the second quarter. But Singapore's GDP grows an average 8. Announcer: "Imports rose for the third consecutive year, rising to an estimated xx% of GDP. "The fisheries GDP in the last 4. An animated overview of the Singapore economy, presenting the latest GDP, growth and industry breakdown, latest data and partners in investments in Singapore and abroad, profile of enterprises, and latest data and partners in trade in goods and services. GDP growth is a function of how many workers enter the workforce and how productive those workers are. The following export product groups represent the highest dollar value in Singaporean global shipments during 2018. 2 percent rate of expansion the U. 3 percent in 2010 (figure 27). 4 percent after falling 0. 3 percent last month from a year earlier, weaker than the median forecast Singapore November factory output below forecast, may temper Q4 GDP Home. Year-to-Date Exports. September 29, 2014—Abidjan, Côte d’Ivoire—Africa must embrace agricultural innovations to better compete in an evolving global bio-economy, according to findings from a new report issued by the African Development Bank (AfDB) and the Inter. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used. Trade (% of GDP) World Bank national accounts data, and OECD National Accounts data files. 5 percent to 3. Public and publicly guaranteed debt fell to 114 percent of GDP by the end of 2017. Aside from consumption, business investment is the most powerful catalyst in calculating an economy's GDP. Singapore experienced a decrease in its tax-to-GDP ratio by 1. Main import partners are: China (11 percent), Malaysia (11 percent),. Gross domestic product (GDP) denotes the aggregate value of all services and. Singapore is the 15th largest export economy in the world and the 4th most complex economy according to the Economic Complexity Index (ECI). For nondurable goods, 1,071. 2 percent in September, after falling 0. 7 percent. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. 6 percent last quarter from a year earlier, compared with an 8. What portion of Canadian GDP do imports and exports make up? What products does Canada Import and Export? Which countries, other than the United States, are important trading partners of Canada? Firstly, what is the meaning of GDP? GDP or Gross Domestic Product refers to the total dollar value of recorded economic production within a country. The debt-to-GDP ratio is an equation with a country's gross debt in the numerator and its gross domestic product (GDP) in the denominator. 10 percent in 1980. In 2018, contribution of travel and tourism to GDP (% of GDP) for Singapore was 10 %. 3 percent in 2018 The Monetary Authority of Singapore , the nation's central bank,. 6 percentage points over the period from 2000 to 2014, mainly due to several decreases in corporate income tax rates, the OECD said. Gross domestic product (GDP) denotes the aggregate value of all services and. 70 USD Billion in 1960. This page provides - Singapore Current Account to GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news. 9 percent of Michigan GDP’ 2018-03-23 Download. List of countries ranked by Military expenditures - percent of GDP. Singapore's Investment accounted for 26. 7% in 2019 and 5. 96 percent from 1980 until 2018, reaching an all time high of 26. It is measured in million USD, as percentage of GDP for net trade, and also in annual growth for exports and imports. 2014 - 16 percent of total U. 4 percent after falling 0. 3 percent of total exports, and earned US$240 million. agriculture. Venezuela’s oil revenues account for about 99 per cent of export earnings. 6 percent, hitting the target of “around 6. 67 percent and the lowest value was in Japan: 16. In Singapore, GDP growth dropped to 1. CSV XML EXCEL. If country i’s GDP increases by 5% , what is the percentage change of its import from country j approximately Question The subjoined exercise describes how the estimate of tenor of state i from state j, Fij is determined: ln Fij = −14. 3 percent on quarter in the three months to September 2019, the same pace as in the previous two periods but above market estimates of a 0. 3 percent pace from the previous quarter, the INSEE national. Singapore's investment share of Nominal GDP data is updated yearly, available from Dec 1960 to Dec 2018, with an average ratio of 32. Recent data shows imports and exports both falling. 61% increase from. In 2007 it exported 68. May 26 -- Singapore releases its first-quarter GDP figures. GDP per capita increased more than tenfold between 1970 and [2010], from less than $500 to more than $6,000. 70 USD Billion in 1960. Singapore: Exports of goods and services as percent of GDP. 9 percent in the second quarter on an annualized quarter-on-quarter basis, from 11. In 1994 the industry accounted for 8. 300 SGD mn in Sep 2018 and a record low of -931. 1 percent Growth in Singapore's economy, among the most trade-reliant in Asia, could ease further as an. economy translates into growth in Canada - 20 percent of Canada's GDP comes from goods exports to the United States. 9 % of its Nominal GDP in Dec 2018, compared with a ratio of 35. Nominal GDP per capita grew from $103. 08%, compared to 24. 35% and imports of goods and services as percentage of GDP is 149. Because of this negative offset for imports of goods and services, the sum of the other five items, excluding imports, will always total more than 100 percent of GDP. The report finds that the business climate for agriculture overall is improving, but wide gaps remain between where many countries stand and best practices. 8 percent from a year earlier, handily beating a Reuters forecast for a rise of just 0. GDP per hour worked was low-est in the Republic of Korea and the Czech Republic. Liberian Economy. Value & Rank The Public debt (Percentage of GDP) of Singapore is 106 (% of GDP) with a global rank of 13. A closer look at the trade boost to GDP shows that soybean exports were the big driver. Location of Singapore on a map. The showing represents a considerable rebound from the sluggish 1. 8 percent in the previous quarter, according to the Ministry of Trade and Industry. Because the answers need to be in percentage terms, multiply each by 100: durable goods 71. Output gap in percent of potential GDP NGAP_NPGDP Percent of potential GDP (f) = observation is an IMF forecast. Gross domestic product (GDP) is the standard measure of the value added created through the production of goods and services in a country during a certain period. Though Singapore contribution of travel and tourism to GDP (% of GDP) fluctuated substantially in recent years, it tended to increase through 1999 - 2018 period ending at 10 % in 2018. 26) per tonne, recording its biggest percentage drop since Oct. Yet what’s even more staggering is that 80% of that figure is hogged by just 20 countries. Jul 13, 2012 · China, one of the biggest drivers of Singapore's export growth last year, reported today gross domestic product expanded 7. United Kingdom : GDP (million current US$, 2017) 2 624 529 : Rank in world trade, 2017 : Exports: Imports: GDP per capita (US$, 2015-2017). 6 billion, in the first quarter to a level of $21. 5 percent in real terms in the fourth quarter of 2008 and revised downwards its growth. Jan 02, 2019 · Singapore is considered a bellwether for global growth because international trade — equating to about 200 percent of its GDP — dwarfs its domestic economy. GDP in Singapore averaged 86. Singapore: Exports of goods and services as percent of GDP. 8 percent, or $197. 4 percent of GDP. Gross Domestic Product (GDP) can be expressed in several ways, one of which is as the sum of spending on domestically produced output: Y = C + I + G + X - M, where Y represents GDP, C equals private consumption spending on new goods and services,. (Source: IMF) U. 3% was slightly smaller than the 3. Current Account to GDP in Singapore averaged 11. Singapore's Investment accounted for 26. 5 percent, compared with an increase of 1. The agricultural sector in Syria accounted for 29 percent of the GDP in 1997 and employed an estimated 40 percent of labor in 1996, including a significant proportion of townspeople. 2%, while imports rose from 4. This page is a list of the countries of the world by gross domestic product (at purchasing power parity) per capita, i. As of June 30, 2018, according to the WTO, Saudi Arabia had 127 nontariff. In the fourth quarter, current-dollar GDP increased 4. 5 percent in 2017 on the back of improved productivity as well as a pick-up in the global economy, Prime Minister Lee Hsien Loong said on Sunday. They are intended as an early indication of GDP growth in the quarter, and are subject to revision when more comprehensive data become available. North Korea's military expenditure is almost 34% of its GDP. In 2011, Norway and Ireland had the highest GDP per hour worked followed by the United States. As previously observed, Kenya has the largest economy amongst the members of EAC in terms of GDP. 8 percent,” Roces said. Exports of goods and services from the United States from 1990 to 2017, as a percentage of GDP U. Economic Statistics, GDP, exchange rates, inflation. 0 percent in the second quarter. Singapore is the 14 th largest exporter and the 15 th largest importer in the world. 65 percent in 1976 and a maximum of 28. 68 Million SGD in July of 1964. 4%, followed by revisions of -2. Browse: Home / Djibouti, with less than 1 million inhabitants, has become a military outpost for China, France, Italy and Japan Chinese President Xi Jinping and Djibouti President. 01% from 2014 to 2015. The manufacturing sector is much more significant. Twenty-three percent work in manufacturing, 21 percent in other services, and 18 percent in transportation and communications and construction. Jul 13, 2018 · GDP expanded 3. The industrial policy in 1959 sought to promote industrialization as a way of diversifying from Singapore's traditional role as an entrepôt. Final consumption expenditure of households and NPISHs. 9 % in 2013. Theme: “Putting Ghana to work” MACROECONOMIC PERFORMANCE FOR 2017 • Overall real GDP (as of June) 7. Authorities are projecting growth of 2. 69 trillion as of 2017. Because of this negative offset for imports of goods and services, the sum of the other five items, excluding imports, will always total more than 100 percent of GDP. 0 percent as third-quarter GDP numbers exceeded prior estimates, helped by further. The process of integration has been particularly intensive in Western Europe , but it can be seen as a quite general feature. To calculate the percentage change in nominal GDP, start with the GDP from the previous year and divide it by the same number, then multiply that by the same number. In 2017, Singapore exported $320B and imported $293B, resulting in a positive trade balance of $27. 1 per cent year-on-year in the July-September quarter. 4 percent in 2016 (a decline due mostly due to severe floods and other adverse weather during the first half of 2017). The Singapore dollar was little changed at 1. Taxes on production and imports make up the largest part of tax revenue in the EU (accounting for 13. Additionally, imports in 2011 also exclude "quasi-transit trade", which accounted for 2.