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Singapore July exports seen shrinking on weak global demand: Reuters poll

[SINGAPORE] Singapore's non-oil domestic exports in July likely contracted, a Reuters poll showed, hurt by weak global demand and a reduction in local factory activity.

Non-oil domestic exports in July were seen down 2.1 per cent from a year earlier, according to the median forecast of 10 economists in the poll.

On a seasonally adjusted basis, non-oil domestic exports in July were seen falling 0.8 per cent from June, the survey showed.

In the previous month, non-oil domestic exports grew at a stronger-than-expected 4.7 annual pace, but a disappointing monthly drop indicated more external improvement was necessary to lift the trade-dependent economy.

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Activity in local factories including the key electronics sector contracted in July, a survey showed on Aug 3.

Slowdowns in China and other countries have been impacting Singapore's economy. China devalued the yuan on Tuesday as pressures mounted on policymakers in Beijing to revive the world's second-largest economy.