Singapore exports plunge 17.3 per cent in June

Bloomberg | Updated on July 17, 2019 Published on July 17, 2019

Container ships are berthed at PSA's Pasir Panjang Terminal in Singapore   -  REUTERS

Seoul, July 17

Singapore’s exports plummeted in June amid a worsening trade war, spelling more bad news for the city states economy.

Non-oil domestic exports contracted 17.3 per cent from a year ago after falling a revised 16.3 per cent in May, Enterprise Singapore said in a statement on Wednesday. That was worse than the median estimate of a 9.6 per cent decline in a Bloomberg survey of economists.

The trade-reliant economy took a sharp downturn in the second quarter, prompting analysts to downgrade growth forecasts for this year and predict a possible recession. Exports have been weakening since last year as a technology boom waned, but the outlook worsened considerably in 2019 amid a U.S.-China trade war, which is weighing on Chinas economy.

The data adds to the gloomy outlook in Asia. Chinas exports fell 1.3 per cent in June from a year ago, while shipments from South Korea, India and Indonesia also contracted.

Singapores electronics exports plunged 31.9 per cent in June from a year ago after dropping 31.6 per cent in May. The biggest contractions in overall shipments were to Hong Kong (-38.2 per cent), Japan (-23.2 per cent) and South Korea (-22.7 per cent).

Published on July 17, 2019
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