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Singapore June exports fall as shipments to China, Europe slump

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Singapore's GDP to be within 2 pct range: OCBC

Singapore's exports fell in June as shipments to China and Europe extended their slide, adding to growing risks for the fragile trade-dependent economy as the Brexit fallout keeps policy makers under pressure to offer more stimulus.

Non-oil domestic exports slid 2.3 percent last month from a year earlier, the trade agency International Enterprise Singapore (IE Singapore) said in a statement on Monday.

That was slightly better than the median forecast of a 3.0 percent fall in a Reuters poll.

A container vessel docks at the Tanjong Pagar Terminal in Singapore.
Suhaimi Abdullah | Getty Images

In May, overseas shipments unexpectedly jumped 11.6 percent on-year fueled by gold and pharmaceuticals sales.

On a month-on-month, seasonally adjusted basis, non-oil domestic exports tumbled 12.9 percent in June, IE Singapore said, below a forecast 10.3 percent contraction in the survey.

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