exports fall tips singapore closer to technical recession
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Exports fall tips Singapore closer to 'technical recession'

Arab Today, arab today

Arab Today, arab today Exports fall tips Singapore closer to 'technical recession'

Singapore's GDP contracted 4.0% quarter-on-quarter in the three months to June
Singapore - AFP

Singapore's exports fell sharply in August on weak demand from China and Europe, official data showed Thursday, raising the odds of a technical recession for the trade-reliant economy in the third quarter.Non-oil domestic exports tumbled 8.4 percent from a year ago, the trade promotion body International Enterprise (IE) Singapore said, steeper than what analysts' predicted and reflecting a general slowdown in Asian exports due to softer global demand.

The "poor export performance in August has pushed the economy closer to a technical recession," DBS Bank said in a market commentary.

"This is significantly higher than market expectations of a 3.5 percent decline."

It added that "external headwinds arising from the deceleration in China's growth would be the key reason behind the dire outcome".

Singapore's gross domestic product (GDP) contracted 4.0 percent quarter-on-quarter in the three months to June, prompting the government to cut its official GDP growth forecast this year to 2.0-2.5 percent from 2.0-4.0 percent previously.
A similar contraction in the third quarter ending September means the economy would be in technical recession, defined as two consecutive quarters of quarter-on-quarter fall in GDP. It is milder than a full blown recession.

Bank of America Merrill Lynch said the August numbers "dashed hopes of an export recovery" for Singapore, a small and open economy heavily dependent on external trade.

"The odds are more than even that the Singapore economy slipped into a technical recession... in the third quarter, in our view," it said in a note.

The weak export numbers were were dragged down by falls in exports of electronic products such as integrated circuit parts, computer components and disk drives, as well as non-electronic items such as petrochemicals and pharmaceuticals.

Official data showed that exports to China fell 8.2 percent in August, accelerating from a 1.6 percent decline in July.

Exports to Europe shrank 9.0 percent and shipments to Japan contracted 8.1 percent, but exports to the US rose 8.8 percent.

"The sharper-than-expected (exports) decline in August brought back fears on the global growth slowdown that is tied to the lacklustre growth in China, as well as in Europe -- both of which are Singapore's largest exporting partners," United Overseas Bank said in a note.

Some analysts said the exports decline could lead the Monetary Authority of Singapore, the city-state's central bank, to ease monetary policy during an October meeting.

A weaker Singapore dollar would make the country's exports more price competitive in the global market.

Unlike most major economies, Singapore's monetary policy focuses on managing the currency exchange rate rather than the interest rate.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

exports fall tips singapore closer to technical recession exports fall tips singapore closer to technical recession

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

exports fall tips singapore closer to technical recession exports fall tips singapore closer to technical recession

 



GMT 10:06 2012 Saturday ,28 July

Querrey advances at ATP LA Open

GMT 21:15 2017 Thursday ,01 June

Trump condemns deadly Kabul explosion

GMT 02:15 2017 Thursday ,24 August

Is your country on the Qatar free entry list of 80?

GMT 19:48 2016 Monday ,03 October

Controversial boxing champ Tyson Fury retires

GMT 08:20 2015 Tuesday ,08 December

PC market woes show no sign of easing

GMT 17:27 2017 Tuesday ,25 April

20 Yemeni soldiers killed, injured in explosion

GMT 11:52 2017 Saturday ,30 December

OIC condemns Mar Mina Church attack

GMT 00:03 2017 Saturday ,25 March

Arab Meeting to Examine Anti-Corruption Methods

GMT 13:12 2017 Thursday ,20 April

Deputy premier meets Arab League chief

GMT 14:13 2014 Friday ,10 January

Opel Astra GTC

GMT 18:27 2016 Tuesday ,02 August

Turkish Foreign Minister arrives in Islamabad

GMT 11:27 2016 Tuesday ,13 December

Saudi woman arrested for challenging social norms
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday