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Singapore's non-oil exports continued their downward trend in May, registering a third consecutive double-digit decline, as the country is disrupted by trade tensions and the weakening global economic outlook.
Domestic non-oil exports fell 15.9% year-on-year, slightly better than a Reuters poll forecasting a drop of 16.5%. The re-export control metric via Singapore, a major Asian transshipment center.
This figure represents the worst performance since March 2016.
Deliveries of electronic products were particularly affected: they fell 31.4% in May, compared to 16.3% the previous month.
The city-state was hit by the ongoing trade war between the United States and China, as well as by the general slowdown in economic growth in Asia and the rest of the world.
Reflecting these trends, the data present a gloomy picture of weakening Chinese demand for Singaporean exports. Outbound shipments, excluding oil, declined 23.3% and 24.8% to China and Hong Kong, respectively.
Double digit declines have been observed in almost all major export markets, including Japan, Taiwan and the EU. The United States was the only country to gain, with exports increasing 0.2% year-over-year.
On a month-over-month basis, exports increased by 6.2%, while forecasts forecast an increase of 4.9%.
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