SINGAPORE: Singapore’s exports are forecast to have contracted in October for a second straight month, a Reuters poll showed, as weak global demand shows no sign of improvement, keeping pressure on Asia’s trade-dependent economies. Non-oil domestic exports were expected to fall 3.5 per cent in October from a year earlier, according to the median forecast in a Reuters survey of 11 economists. In September, Singapore’s overseas shipments slumped 4.8 per cent compared to the same month of 2015, although the contraction was less than expected with sales to China declining at a slower pace.
On a month-on-month, seasonally adjusted basis, non-oil domestic exports in October were seen down 1.0 per cent, the poll showed. That compared with a 2.4 per cent growth in September. Activity at Singapore’s factories moderated in October with overall industrial output slower, though an index for the key electronics sector hit a two-year high thanks to new orders and exports, a private survey showed earlier this month.
