Singapore's exports tumbled on-year in March as sales to China, the United States and Europe contracted in a sign the trade-dependent economy remains vulnerable as weak global demand puts its manufacturing sector to the sword.
Non-oil domestic exports (NODX) slumped 15.6 percent in March from a year earlier, trade agency International Enterprise Singapore said in a statement on Monday.
That missed the median forecast of a 13.2 percent contraction in a Reuters poll. In February, exports unexpectedly rose thanks to a surge in shipments from the statistically volatile pharmaceuticals sector.
"If there's no dramatic pick-up, I think NODX would almost certainly be negative for the year," said Vishnu Varathan, senior economist for Mizuho Bank in Singapore.