Singapore posts worst non-oil domestic exports in a decade
Publishing timestamp: 2023-02-17 00:43:47
Summary
Singapore's non-oil exports to its top markets declined significantly in January, with exports to China, U.S. and Hong Kong falling by more than 41%, 31.5% and 55% respectively. Oxford Economics senior economist Alex Holmes said that the worst is likely not over for Singapore's export sector and that there will be a global recession in the first half of the year. He also noted that the weakness of trade is a key reason why Singapore's GDP growth is expected to come in near the bottom of the government's 0.5%-2.5% forecast in 2023.
Sentiment: NEGATIVE
Keywords: singapore, straits times index, asia economy, us dollar/singapore dollar fx spot rate, economic events, central banking, business news, world economy, trade,
Source: https://www.cnbc.com/2023/02/17/singapore-non-oil-exports-decade.html