Singapore key exports plunge 24pc in February
Singapore's key exports plunged 24 percent in February, in a further sign the city-state is headed for its worst-ever recession amid plummeting global demand for its products.
It was the 10th straight month of decline in key non-oil domestic exports, following a record 35 percent drop in January, according to government figures released Tuesday.
February's fall was roughly in line with the average 23.6 percent fall tipped by analysts in a Dow Jones Newswires poll.
On a seasonally adjusted month-on-month basis, however, exports grew 1.8 percent from January, the International Enterprise Singapore (IE Singapore) trade promotion agency said.
Total trade in February fell 22.1 percent to almost 54 billion Singapore dollars (35 billion US) as shipments to the city-state's top 10 markets, except China, were down, according to the monthly data.
Demand from the recession-hit US shrank the most as shipments fell 44.4 percent to 1.03 billion dollars, following a 50 percent decline in January.