Singapore—Feb. 19, 2016—Exports from Singapore’s bellwether economy slumped to near their weakest level since the global financial crisis eight years ago, illustrating new pressures on Asia’s export-dependent economies, according to The Wall Street Journal.
The trend has worrying implications for the global economy, which has been roiled this year by market volatility spilling out from China, and steep falls in the prices of oil and other commodities. Singapore’s small, export-dependent economy is seen as a proxy for the broader state of Asian trade.
South Korea, which sends a quarter of its exports to China, said this month that exports fell 18.8 percent in January, their biggest fall since August 2009. Indonesia said exports contracted 20.7 percent last month. Even India, which has strong domestic demand, said exports fell in January for the 14th straight month, down 13.6 percent. All were compared with the same month a year earlier.
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