Singapore’s exports decline for fifth consecutive month hinh anh 1Illustrative image (Photo: AFP/VNA)

Hanoi (VNA)
- Singapore’s exports in July dropped for the fifth consecutive month, although the fall was slightly less severe than forecast, data from the trade agency Enterprise Singapore showed on August 16.

Non-oil domestic exports (NODX) last month fell 11.2 percent year-on-year as shipments of electronics and pharmaceuticals declined, compared with a revised 17.4 percent decrease in June.

A Reuters poll of 11 economists had forecast a 15.2 percent fall for July.

On a seasonally adjusted month-on-month basis, exports rose 3.7 percent in July after shrinking a revised 7.8 percent in June.

On August 13, the Singaporean Government revised down its gross domestic product (GDP) growth forecast for 2019 to 0-1 percent from 1.5-2.5 percent predicted previously.

The Singaporean economy contracted by 3.3 percent in the second quarter of 2019, a reversal from the 3.8 percent growth in the first quarter.-VNA