Singapore’s non-oil domestic exports plunged 25% year on year in January - the largest drop in the last decade, according to data of the Singaporean government.
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Illustrative image (Photo: https://www.thestar.com.my) |
The data showed that Singapore’s non-oil exports to its top markets led the wider decline, with exports to China falling by more than 41%, to the USby 31.5% and to Hong Kong (China) by over 55% in the month.
This is the fourth consecutive contraction and the steepest fall since February 2013, when the economy saw adeclineof over 30%.
Total trade also fell by 10.4% year on year, with total exports dropping 9.6% and imports contracting by 11.3%./