The electronics exports has fallen despite a very supportive base from last year. That suggests that to an extent the global impact is starting to come to Singapore now, especially what we are seeing in China.

Vaninder Singh

Categorized in : Industrials

This is mainly domestic demand driven, we are seeing only a slow reaction on the exports side, but imports have posted a much stronger sequential expansion.

Overall, what is clear to us is that the impact, will be limited in the near-term, but much more significant in the medium-term, we expect this event and what it represents to subtract as much as 0.3 percent from growth next year compared to our pre-event baseline and expect Asian central banks to respond with another round of easing.