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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.

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

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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.

REUTERS

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