Further weakness ahead for Singapore exports after 5 months of contraction: economists

SINGAPORE’S exports are poised for further weakness in the months ahead, after contracting year on year for the fifth straight month, as uncertainties continue to cloud the global outlook, economists said.

“We continue to expect weakness in global demand on the back of further monetary policy tightening and worries about economic slowdown in the developed markets,” said UOB senior economist Alvin Liew.

He added that high base effects are likely to continue working against Singapore’s export numbers in early 2023, as seen in the first two months of the year. This means export numbers are likely to continue declining in the first half of the year before improving later.