Singapore July Exports Decline 2.8%, Raising Recession Risk
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Singapore’s exports fell the most since 2009 in July as sales of electronics slumped, adding to concern the city state may experience a recession as global economic risks grow.
Non-oil domestic exports declined 2.8 percent from a year earlier, after a revised 1 percent gain in June, the island’s trade promotion agency said in a statement today. The slide was the largest since the 6.2 percent drop in October 2009. The median of 12 estimates in a Bloomberg News survey was for an increase of 4.6 percent.