Singapore Exports Plummet in June Amid Worsening Trade War
Singapore’s June export figures visibly decreased in June amid an ongoing trade war, Enterprise Singapore reported on Wednesday, July 17.
Enterprise Singapore, a statutory board under the Ministry of Trade and Industry (MTI) in Singapore, published its monthly report with revised numbers for May and June. According to the paper, the country’s non-oil domestic exports shrank 16.3% and 17.3%, respectively.
Moreover, electronics exports dropped 31.9% in June after losing 31.6% in May. The biggest decline in overall shipments was registered for Hong Kong (-38.2%), Japan (-23.2%) and South Korea (-22.7%).
As per Bloomberg’s survey of economists, the figures are worse than the median estimate of a 9.6% drop.
Singapore’s economy, which is closely linked to trades, saw a sharp decline in Q2 2019. The analysts cited by Bloomberg believe that the country is at risk of recession. Its exports have been gradually decreasing in 2018, while in 2019 the contraction is even more obvious as the U.S.-China trade war is escalating.
Meanwhile, the Chinese economy saw the lowest growth rate in Q2 2019. In Q1 2019 the economy grew 6.4%, and in Q2 2019 only by 6.2%, which is the worst performance since the NBS started calculating Chinese economic data in 1992.