Singapore\u2019s exports fell more than expected in June, marking their biggest decline in six years, as the city-state struggles against tepid global demand and the Sino-US trade war.<\/p>\n\n\n\n
The grim trade numbers add to a slew of weak economic data and reinforce economists\u2019 expectations the central bank could ease monetary policy at its October meeting.<\/p>\n\n\n\n
Non-oil domestic exports in June fell 17.3 per cent, the fourth month of year-on-year decline, data from the trade agency Enterprise Singapore showed on Wednesday, slowing from the revised 16.3 per cent decline the month before.<\/p>\n\n\n\n
This was worse than the 9.9 per cent contraction predicted by 10 economists in a Reuters poll and the biggest decline since February 2013 when exports fell 33.2 per cent from the year before, Refinitiv Eikon data show.<\/p>\n\n\n\n
\u201cIt\u2019s everything bad coming together. You have a global economic slowdown, a trade war and a Chinese slowdown,\u201d said Selena Ling, economist at OCBC Bank.<\/p>\n\n\n\n
The drop in annual exports was mainly due to a 31.9 per cent fall in electronics shipments, reports Reuters.<\/p>\n\n\n\n
Exports to the majority of Singapore\u2019s top markets, including China and Europe, fell sharply in June, although those to the United States posted a small rise.<\/p>\n\n\n\n
On a seasonally adjusted month-on-month basis, exports contracted 7.6% in June after growing a revised 5.8 per cent in May. The poll called for a 3.9 per cent contraction from the month before.<\/p>\n\n\n\n
\u201cThe outlook (for Singapore\u2019s economy) is definitely more pessimistic now,\u201d said Maybank Kim Eng economist Lee Ju Ye.<\/p>\n\n\n\n
Singapore\u2019s economy grew at its slowest annual pace in a decade in the second quarter, preliminary data showed last week, raising bets that a technical recession and monetary policy easing could be just around the corner.<\/p>\n\n\n\n
OCBC\u2019s Ling said the outlook for Singapore\u2019s economy is bleak and she has cut her growth forecast three times this year.<\/p>\n\n\n\n
\u201cIt doesn\u2019t look like there\u2019s light at the end of the tunnel yet,\u201d she added.<\/p>\n","protected":false},"excerpt":{"rendered":"
Singapore\u2019s exports fell more than expected in June, marking their biggest decline in six years, as the city-state struggles against tepid global demand and the Sino-US trade war. The grim trade numbers add to a slew of weak economic data and reinforce economists\u2019 expectations the central bank could ease monetary policy at its October meeting. […]<\/p>\n","protected":false},"author":3,"featured_media":1698,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-1697","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-international"],"_links":{"self":[{"href":"https:\/\/biz.golamfaruque.com\/index.php?rest_route=\/wp\/v2\/posts\/1697","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/biz.golamfaruque.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/biz.golamfaruque.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/biz.golamfaruque.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/biz.golamfaruque.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1697"}],"version-history":[{"count":1,"href":"https:\/\/biz.golamfaruque.com\/index.php?rest_route=\/wp\/v2\/posts\/1697\/revisions"}],"predecessor-version":[{"id":1699,"href":"https:\/\/biz.golamfaruque.com\/index.php?rest_route=\/wp\/v2\/posts\/1697\/revisions\/1699"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/biz.golamfaruque.com\/index.php?rest_route=\/wp\/v2\/media\/1698"}],"wp:attachment":[{"href":"https:\/\/biz.golamfaruque.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1697"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/biz.golamfaruque.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1697"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/biz.golamfaruque.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1697"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}