Singapore’s export decline deepens again; Sing dollar falls

SINGAPORE (Aug 17): Singapore’s exports plunged the most in four months as orders from
China, Indonesia and the US dropped. The local currency fell as the report provided more evidence that the economy is slowing.

Non-oil domestic exports dropped 10.6% in July from a year earlier, worse than the median estimate of a 2.5% decline in a Bloomberg survey of 15 economists, a government report showed Wednesday. That compares with a revised 2.4% decline in June.

The Singapore dollar fell as much as 0.13% to 1.3418 against its US counterpart after the report, set for its first decline in three days.

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