Double-digit exports plunge for 5th straight month

Singapore's exports plunged again in July - the fifth straight month of double-digit falls - on the back of the prolonged electronics slump.
Singapore's exports plunged again in July - the fifth straight month of double-digit falls - on the back of the prolonged electronics slump.ST PHOTO: KUA CHEE SIONG

Singapore's exports plunged again in July - the fifth straight month of double-digit falls - on the back of the prolonged electronics slump. Non-oil domestic exports fell 11.2 per cent last month, according to data out yesterday.

But the decline was not as grim as the 15.4 per cent fall tipped by experts in a Bloomberg poll.

CIMB Private Banking economist Song Seng Wun said June's large fall could be "the bottom of the current cycle, but double-digit declines might persist over the next few months" as orders continue to weaken. Electronics exports were the main culprit in July.

SEE TOP OF THE NEWS

A version of this article appeared in the print edition of The Straits Times on August 17, 2019, with the headline 'Double-digit exports plunge for 5th straight month'. Print Edition | Subscribe