Singapore March exports drop to lowest figures since 2016
- Asian Market
- 7 months ago
Singapore’s domestic exports have fallen by 11.7% in the month of March, the biggest decrease since October of 2016 sand an evident sign of a downward trend as previously revised.
Many analysts point to the U.S.-China trade standoff as a main culprit as it has disrupted global supply chains as a whole.
Pharmaceutical exports plunged by 36.5% in March from the previous year after posting a 12% growth in February.
Electronics exports in March plunged 26.7% year-on-year after an 8.2% contraction in February.
On a seasonally adjusted month-on-month basis, exports contracted 14.3% in March after growing 16% in February.
Singapore reported its weakest on-year economic growth in almost a decade last week, which prompted Singapore’s central bank not to make any shifts in its monetary settings after two consecutive rounds of tightening, citing slower growth and inflation as well as “significant” global economic risks.
Source: Smart Trend Team