Chart of the day: Slowing China exports drags Singapore’s growth

Export to China has contracted to translate to a slowdown in Singapore’s own growth.

This chart from ING shows the monthly exports to China from July 2020 to July 2022, showing a slowdown in growth momentum.

Several data reports have shown that China’s economy slowed by 4% year-on-year (YoY), down from a previous estimate of 4.4%

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ING predicts that China’s projected slowdown will likely weigh on Singapore’s overall growth prospects in the near term.

“Exports to China have already contracted and softer demand from Singapore’s largest export destination has already translated to slowing manufacturing, particularly in the all-important electronics cluster of industrial production. Slowing growth for China caps Singapore’s growth prospects in the coming months with the trend of slower exports and weaker industrial production for Singapore likely to continue,” ING said.

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Chart of the Day

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