HALISTER1: China Continues to Weigh on Singapore’s Exports: DBS

China Continues to Weigh on Singapore’s Exports: DBS

(Bloomberg) -- Non-oil domestic exports could stay lackluster for a while given structural deceleration in China, DBS senior economist Irvin Seah writes in note.
  • China remains a drag on NODX performance, with sales to the country declining 9.9% y/y in June
  • Export data for last month show broad-based decline in sales of electronics and non-electronics
  • Data reflect prospects on the external front aren’t that bright despite better-than-expected advance 2Q GDP estimates
  • NOTE: June non-oil domestic exports -2.3% y/y vs est. -3.0% and +11.6% in May
  • Surge in May exports largely due to spike in unusual export products, including prefabricated buildings and non-monetary gold
  • USD/SGD steady at 1.3479
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Kwang Wee (DBS Bank Ltd)

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