The exports for the month July dropped amid fears of a technical recession in the state-city Singapore. One of the basic reasons for the fall in the exports for Singapore seems to be decreased exports of electronic goods.
Singapore's trade promotion agency declared in a statement today that non-oil domestic exports slowed by 2.8% compared to last year. Last weeks released data revealed that Singapore's economy experienced shrinkage by 6.5 percent in the 2nd quarter in seasonally adjusted, annualized terms. Singapore government too reset its forecast for growth in2011 to lower levels, down from 5-7% to 5-6%.
The Singapore dollar too, interestingly, fell half an hour before the data was released.
Photo source crazyegg95
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