Singapore’s Exports Fall More than Expected in March

Singapore’s exports in March fell more than expected on declines in shipments to the United States and Europe, official data showed on Thursday, clouding the city-state’s trade outlook.

Non-oil domestic exports slid 6.6 percent in March from a year earlier, according to the trade agency International Enterprise Singapore, far below a median forecast of a 0.8 percent dip in a Reuters poll.  The exports also fell a seasonally adjusted 8.9 percent from February, a severe shortfall of the estimated 1.6 percent decline.

“This suggests an export recovery story is very patchy,” said Selena Ling, head of treasury research at Oversea-Chinese Banking Corp.  “Exports are likely to be flat or underperform in the coming months,” Ling added.

CNBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.