Singapore’s exports in June extended the longest run of declines since the global financial crisis, suggesting the island’s economic growth last quarter may be lower than the government initially estimated.
Non-oil domestic exports slid 8.8 percent from a year earlier, falling for a fifth month, the trade promotion agency said in a statement today.
“The decline in electronics demand is unlikely to turn around,” Irvin Seah, a Singapore-based economist at DBS Group Holdings Ltd., said before the report. “External headwinds remain strong. Data from the U.S. have been mixed and Europe is still stuck in recession.” Full story
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