Singapore Nov exports seen falling y/y for 3rd month on slack global demand

Singapore's exports in November are expected to have fallen for a third straight month, a Reuters poll showed on Tuesday, reinforcing the headwinds buffeting the trade-reliant economy in the face of sluggish global demand.

Non-oil domestic exports (NODX) in November were seen down 3.0 per cent from a year earlier, according to the median forecast in the survey of 11 economists.

On a month-on-month and seasonally adjusted basis, non-oil domestic exports were expected to be up 0.5 per cent, the poll found.

Singapore's NODX in October contracted 12 per cent from a year earlier, as sales to major markets fell, raising the risk of a recession in the trade-dependent economy amid heightened uncertainty around global trade in the wake of Donald Trump's US election victory.

Singapore's economy has been on the ropes in the last two years as exports fell away amid slow world growth and some analysts are not ruling out a recession in the affluent city-state.

"I think it (risk of recession) remains on the cards. There is a fair risk that we may see a recession materializing in Singapore in the next 3-4 quarters," said Vaninder Singh, an economist for RBS.