Singapore's exports, imports forecasts cut by BMI Research

SINGAPORE (May 11): BMI Research is cutting its growth estimates for Singapore's exports and imports, citing sluggish demand outlook for China which is the biggest destination for the republic’s exports.

The Fitch Ratings group unit now expects Singapore’s exports and imports to contract 1.4% and 1.2% respectively in 2016 from a 1.7% and 1.9% rise expected earlier.

“Domestically, manufacturers continue to grapple with a tight labour market, difficulties in hiring at low-to-mid skill levels, and rising labour costs,” it adds.

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