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Singapore Dec exports seen down y/y for 2nd month on weak global demand

[SINGAPORE] Singapore's exports in December are forecast to have contracted for a second consecutive month, a Reuters poll showed, as persistent weakness in global demand kept the trade-dependent economy on a shaky footing.

Non-oil domestic exports in December were seen falling 5.1 per cent from a year earlier, according to the median forecast in the survey of 12 economists.

In November, exports unexpectedly fell 3.3 per cent on-year due to a sustained contraction in shipments to China.

On a month-on-month, seasonally adjusted basis, non-oil domestic exports in December were seen steady after falling 3.8 per cent in November, the poll showed.

Activity in Singapore factories contracted for a sixth consecutive month in December as sluggish global growth continued to dent new orders received by manufacturers in the city-state, a survey showed earlier this month.