SINGAPORE: Singapore's non-oil exports fell 6.6 percent in May from a year earlier, official data showed on Tuesday, missing market forecasts and indicating the city-state is yet to fully benefit from a recovery in developed economies.
Exports to the United States fell 8.8 percent in May from a year earlier, while shipments to the European Union declined 22.6 percent. Exports to China grew 7.2 percent last month, but the expansion was less than a third of April's 22.6 percent.
Economists slightly cut the 2014 non-oil domestic exports growth forecast to 4.1 percent from 4.2 percent, the latest central bank survey showed.
Still, some economists expect Singapore's exports to pick up in the second half helped by a recovery in developed economies, particularly in the United States.
International Enterprise Singapore (IE Singapore), the country's trade agency, provided the data.
Comments
Comments are closed for this article.