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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).
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