Singapore key exports shrink an unexpected 11.3% in August; US and Indonesian markets lead slide

[SINGAPORE] The Republic’s key exports contracted by 11.3 per cent year on year in August, surprising private-sector economists who were expecting a slight expansion, data from Enterprise Singapore (EnterpriseSG) showed on Wednesday (Sep 17).

Private-sector economists had expected a slight 0.8 per cent year-on-year expansion, a Bloomberg poll indicated.

The contraction was driven by declines in electronics, as well as specialised machinery, food preparation and petrochemicals, said EnterpriseSG. August’s contraction extends July’s decline, which was revised up 0.1 percentage point to 4.7 per cent year on year.