Singapore's exports in October shrank more than expected as sales to major markets fell, with those to Europe contracting sharply and raising risks of a recession in the trade-dependent economy.
Non-oil domestic exports (NODX) skidded 12 percent last month from a year earlier, the trade agency International Enterprise Singapore said in a statement on Thursday, far worse than the median forecast of a 3.5 percent decline in a Reuters poll.
In September, overseas shipments slumped a revised 5 percent on-year though the decline in sales to China slowed. On a month-on-month, seasonally adjusted basis, exports decreased 3.7 percent in October, missing a forecast of a 1 percent slide in the survey.
Exports to the European Union contracted 28.6 percent last month from a year earlier, compared with 9.9 percent growth in September.
Contraction in sales of pharmaceuticals, non-electric engines & motors, as well as personal computers led the decline in October.