17 Jul '13, 12am

BREAKING: Singapore Exports Fall 8.8% in Longest Slump Since Global Crisis

BREAKING: Singapore Exports Fall 8.8% in Longest Slump Since Global Crisis

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 median of 17 estimates in a Bloomberg News survey was for a 5.8 percent drop. Singapore’s economy grew at the fastest pace in more than two years last quarter as services strengthened and manufacturing rebounded, the government said last week. The expansion in industrial output has not been reflected in the island’s exports, as fewer goods were shipped to Europe and the U.S. “The decline in electronics demand is unlikely to turn around,” Irvin Seah , a Singapore-based economist at DBS Group Holdings Ltd., said before the re...

Full article: http://www.bloomberg.com/news/2013-07-17/singapore-export...

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