Singapore data - non-oil exports record largest fall in 2 years in December

NODX (non oil domestic exports) in December from Singapore were down 8.5% y/y

• from -5.7% in November
• the m/m decline was 5.7% (previous month was -4.3 % m/m)

Straits Times comments:

• the high base of comparison year on year, given high export numbers in the same period last year, had a part to play

Also this:

• in November and December, when falls in export growth were seen, the "downside risk from trade tensions between the United States and China was deepest". "Many importers may have held back their orders while waiting for more clarity on the trade war"

Hmmm. Dunno about that. A slow down in demand seems just as likely, if not more so.

data was out earlier in the session.