Singapore's non-oil exports slide the most since 2016

By Michelle Jamrisko on 3/16/2018

SINGAPORE (Bloomberg) -- Singapore’s non-oil domestic exports slumped the most since October 2016, signaling growth risks to one of Asia’s most trade-dependent economies.

Exports dropped 5.9% in February from a year earlier, compared with the Bloomberg survey median for a 4.8% gain. Shipments of electronics plunged the most since July 2016, while sales of non-electronics also fell.

While fluctuations might be expected given the unusual timing of the Lunar New Year holiday this year, a third straight monthly decline in electronics -- which led gains for much of last year -- adds to signs that exports could slow in 2018. Policy makers around the world have signaled concern over a global trade war after the U.S. imposed tariffs on some goods.

Exports accounted for 172% of Singapore’s gross domestic product in 2016, according to the World Bank, compared with 20% for China.

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