17 Aug '11, 3am

Singapore exports fall 2.8 per cent in July - Straits Times Singapore #TEAMFOLLOWBACK

Singapore's exports slumped the most in nearly two years last month, fanning worries that the Republic is headed for a technical recession. Non-oil domestic exports dropped 2.8 per cent in July compared to last year, dragged down again by weakening demand for electronics. The slide was the largest since the 6.2 percent drop in October 2009. Electronics exports contracted for a 6th consecutive month, falling 16.9 per cent while pharmaceuticals surged 48.5 per cent. Economists said that the worsening global economy may push Singapore, which has one of the most open economies in the world, into a technical recession - defined as having two consecutive quarters of contractions. Please enable JavaScript to view the comments powered by Disqus. blog comments powered by Disqus

Full article: http://www.straitstimes.com/BreakingNews/Singapore/Story/...

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