Singapore's Non-Oil Exports Plunge Most in Three Years in March

Singapore’s exports plunged the most in more than three years in March, providing more evidence of a weakening economy.

Non-oil domestic exports dropped 15.6 percent in March from a year earlier, worse than the median estimate of a 12.3 percent decline in a Bloomberg survey of 15 economists, and compared with a revised 2 percent expansion in February, a government report showed on Monday. Electronics shipments contracted 9.1 percent in March.

Economic growth was stagnant in the first quarter on an annualized basis compared with the previous three months, the trade ministry said last week. The weak growth outlook prompted the Monetary Authority of Singapore to ease policy by announcing it won’t seek currency appreciation.

The export decline in March was the most since the 30.6 percent drop in February 2013, according to previously reported data compiled by Bloomberg.

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