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Singapore April exports seen shrinking for 2nd month on slow global growth

[SINGAPORE] Singapore's exports in April are expected to have shrank from a year earlier for a second straight month, although the pace of contraction may be slowing.

Non-oil domestic exports were expected to slide 7.9 per cent in April from a year earlier, according to the median forecast in a Reuters survey of 12 economists.

In March, overseas sales tumbled 15.6 per cent on-year, weighed by shipments to China, the United States and Europe.

On a month-on-month, seasonally adjusted basis, non-oil domestic exports in April were seen up 4.0 per cent, the poll showed. Such a gain, however, would not indicate a sustainable stabilisation in the city-state's exports, analysts say.

Activity in local factories contracted for a 10th consecutive month in April, although a manufacturing index reached its highest level since June, with new orders improving, a survey showed earlier this month.

REUTERS