10:54 | 23/02/2016 Global Economy
A slowdown in China’s economic growth is having a strong impact on Singapore as the country’s export turnover to China, in January, recorded the sharpest decrease in the past 7 years.
Container trucks moving in and out Keppel Harbor, Singapore - Photo: Internet
According to statistics announced by Singapore’s International Enterprise (IE) on February 17, the country’s non-oil domestic exports to China in January declined by 25.2 percent year-on-year, following the previous month’s decrease of 18.7 percent.
Meanwhile, its total export turnover tumbled 9.9 percent from a year earlier.
Economists said that the low export value is increasing the risk of contraction for the Singaporean economy.
Some believed that the possibility of the Monetary Authority of Singapore easing monetary policy at its scheduled review in April is rising.
President of the Singapore Manufacturing Federation Douglas Foo stated that it is time for business owners to renovate their operations to overcome difficulties in the economy./.