Singapore non-oil exports fall for a fourth month, and electronics lead the decline
A 7.2 percent annual decline, worse than expected. The electronics component is the one that matters for the read-across.
Non-oil domestic exports fell 7.2 percent year on year, a fourth consecutive monthly decline and worse than the 4.5 percent the market expected.
Electronics fell 11.4 percent, and that is the number with the widest read-across. Singapore sits early in the regional electronics supply chain, so its export data tends to lead the same data in several neighbouring economies by a month or two.
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