Singapore's exports in September dropped for the seventh straight month as electronics shipments continued to slide, official data showed on Thursday.
Non-oil domestic exports last month shrank 8.1% year-on-year, as electronics shipment plunged 24.8%, according to data from Enterprise Singapore.
On a seasonally adjusted month-on-month basis, exports dropped 3.3% in September after growing 6.7% in August.
While non-oil domestic exports to most of Singapore's top markets shrank in September, except its export to China was up 20.8%, which was still slower than August’s 38.5%.
Overall, exports to most of Singapore's top markets fell, except to China and Taiwan.
The biggest drop in shipments were to Japan at a 19.2%, the EU at 17.3%, and Hong Kong, at 11.9%.
Monetary Authority's response to the slowing economy
In response to the slowing economy, the Monetary Authority of Singapore on Monday eased the local currency’s rate of appreciation for the first time in more than three years.
Despite the slowdown so far in the year, the authority said it expects the country’s growth to pick up modestly next year, subject to considerable uncertainty in the external environment.