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Economy

Singapore's export slump worsens, marking biggest fall in 6 years

Local banks downgrade city-state's growth forecast amid trade war

SINGAPORE -- Singapore's exports dropped 17.3% from a year ago in June, the fourth consecutive month of double-digit declines, intensifying worries about an export slump amid the prolonged U.S.-China trade tensions.

According to government data released Wednesday, the city-state's benchmark nonoil exports fell more sharply in June than the 16.3% decline in May, slowing at their fastest pace since February 2018, when overseas shipments dropped by 33.2%.

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