Singapore June exports fall as shipments to China, Europe slump

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
A container vessel docks at the Tanjong Pagar Terminal in Singapore.

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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