'The worst is likely not over for Singapore's export sector. We continue to expect further falls in global demand,' said Oxford Economics economist Alex Holmes.
Singapore's non-oil exports to its top markets led the wider decline, with exports to China falling by more than 41%, to the U.S. by 31.5% and to Hong Kong by more than 55%.
"The worst is likely not over for Singapore's export sector. We continue to expect further falls in global demand," said Oxford Economics senior economist Alex Holmes. "Singapore's external sector had another very tough month in January, and we doubt this marks the bottom," an economist said.Singapore's non-oil domestic exports plunged 25% year on year in January — their largest drop in 10 years.
showed Singapore's non-oil exports to its top markets led the wider decline, with exports to China falling by more than 41%, to the U.S. by 31.5% and to Hong Kong by more than 55% for the month.The reading marks the fourth consecutive contraction and the steepest fall since February 2013, when the economy saw more than a 30% decline.
Non-oil retained exports also fell 10.4% in January, following the 7.2% decline in December. Total trade also fell by 10.4% year on year, with total exports dropping 9.6% and imports contracting by 11.3%.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
U.S. solar surge collides with higher rates and shifting economicsThe U.S. residential solar sector almost certainly set an annual record for installations last year, but 2023 is off to a bumpy start.
Read more »
MSU student who lost pals in Oxford school shooting relives nightmareSome freshmen who survived Monday’s deadly rampage at Michigan State University had dodged another local school massacre only about a year earlier.
Read more »
Opinion | Why the senseless Michigan State shooting could spark real changeOpinion by Micheline Maynard: The 2021 shooting at Oxford High School killed four students and injured seven others. Some Oxford High students subsequently enrolled at MSU, but now they have gone through two high-profile shootings in the past 15 months.
Read more »
Singapore must prepare for economic and geopolitical headwinds, says Lawrence WongEscalating conflict in the Russia-Ukraine war and the slowing global economy are downside risks that Singapore must be prepared for, says Lawrence Wong.
Read more »
Singapore's new plan to fight mosquito-borne diseases: bug-infecting bacteriaEvidence suggests the bacteria-infected insects can slow the spread of dengue, but they are difficult to mass produce.
Read more »
Crypto Was Singapore's Top Area of Fintech Investment in 2022 Despite Global Slowdown: KPMGCrypto and Blockchain were Singapore's top area of fintech investment in 2022 despite the global slowdown and investors shifting to non-crypto based solutions, according to a KPMG report. By amitoj.
Read more »