Sharp drop in S'pore exports in July
SINGAPORE'S non-oil domestic exports (NODXs) fell by 10.6 per cent last month to $12.6 billion, compared with a year ago, due to a drop in electronic and non-electronic exports.
The contraction was sharper than the 2.5 per cent decline expected by most economists, and the 2.4 per cent contraction in June.
According to International Enterprise Singapore, exports to all the top 10 NODX markets, except the EU 28, decreased last month. The largest NODX drops were in China (-16.6 per cent), the United States (-19.1 per cent) and Indonesia (-22.6 per cent).
"Indeed, when it rains, it pours. This will add on to the long list of poor data pointing to the risk of an economic contraction ahead," DBS senior economist Irvin Seah said. He added China's slowdown is a major concern but sluggish growth in the US and eurozone's uncertainties are not helping.
Weiwen Ng, an economist covering South and South-east Asia at ANZ Research, said last month's figures showed that Brexit's impact on Singapore's trade "has proven to be marginal", with exports to the EU 28 actually up 3 per cent on year.
THE BUSINESS TIMES