Singapore’s exports plummeted in June amid a worsening trade war, spelling more bad news for the city state’s economy.
Non-oil domestic exports contracted 17.3 percent from a year ago after falling a revised 16.3 percent in May, Enterprise Singapore said. That was worse than the median estimate of a 9.6 percent decline in a Bloomberg survey of economists.
The trade-reliant economy took a sharp downturn in the second quarter, prompting analysts to downgrade growth forecasts for this year and predict a possible recession. The data adds to the gloomy outlook in Asia.