This is not good news for the economy of a country that has heavy reliance on export.
Singapore’s non-oil domestic exports dived in May by the most since March 2016, falling by 15.9% year-on-year.
The electronics sector was hit particularly hard, plunging 31.4 in May, versus the 16.3% drop in the previous month.
Both the China-US trade war and the slowdown across Asia and the globe have impacted the country.
Singapore’s shipments to China fell 23.3% year-on-year in the same month and was the fourth drop in five months.
While the city state’s economy grew 3.2% last year, it has predicted a not-so-stellar growth number for 2019. Earlier, the government estimated 1.5-2.5% GDP growth for the year, the worst annual number since 2009.
Last month, Singapore reported a year-on-year 1.2% growth in Q1, the slowest since Q2 2009 and below the government’s expectation of 1.3%.
The Monetary Authority of Singapore said last month that its current policy stance “remains appropriate” against a cautious assessment of GDP growth and inflation prospects.
The central bank also kept its exchange rate-based monetary policy unchanged after tightening twice last year.
