Singapore’s exports decline for fifth consecutive month
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.
Illustrative 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
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