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Singapore August exports seen down for 3rd month: poll

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Singapore's exports are expected to have slumped for a third straight month on persistent softness in global demand, a Reuters poll showed, but the pace of contraction may have eased on tentative signs of stabilisation in the Chinese economy.

[SINGAPORE] Singapore's exports are expected to have slumped for a third straight month on persistent softness in global demand, a Reuters poll showed, but the pace of contraction may have eased on tentative signs of stabilisation in the Chinese economy.

Non-oil domestic exports were predicted to slide 4.1 per cent in August from a year earlier, according to the median forecast in a Reuters survey of 13 economists.

In July, overseas sales fell 10.6 per cent, far more than expected, as shipments to China - the city state's biggest export market - and the United States declined.

On a month-on-month, seasonally adjusted basis, non-oil domestic exports in August were seen down 2.9 per cent. That compared with a 1.8 per cent loss in July.

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Activity in Singapore factories contracted again in August but by less than in the previous month while the electronics sector expanded for the first time in 14 months, a survey showed earlier this month.

REUTERS

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