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.
Hanoi (VNA) -Singapore’s exports in July dropped for the fifth consecutive month, althoughthe fall was slightly less severe than forecast, data from the trade agencyEnterprise Singapore showed on August 16.
Non-oil domestic exports(NODX) last month fell 11.2 percent year-on-year as shipments of electronicsand pharmaceuticals declined, compared with a revised 17.4 percent decrease inJune.
A Reuters poll of 11economists had forecast a 15.2 percent fall for July.
On a seasonally adjustedmonth-on-month basis, exports rose 3.7 percent in July after shrinking arevised 7.8 percent in June.
On August 13, theSingaporean Government revised down its gross domestic product (GDP) growthforecast for 2019 to 0-1 percent from 1.5-2.5 percent predicted previously.
The Singaporean economy contracted by 3.3 percent in thesecond quarter of 2019, a reversal from the 3.8 percent growth in the firstquarter.-VNA
The Singapore economy expanded by 4.6 percent year on year in the third quarter of this year, the highest growth in three years, according to the Ministry of Trade and Industry (MTI).
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The Singapore economy is likely to end the year weaker than earlier expected in the context that the ongoing tension between the US and China has stalled three of the world’s growth engines — trade, manufacturing and investments, warned Monetary Authority of Singapore (MAS) Managing Director Ravi Menon on June 27.
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Illustrative image (Photo: AFP/VNA) 
