China reopening only ‘temporary relief’ to trade 

Consumer spending in late 2022 will be impacted by price hikes.

After China’s recent easing of borders, Singapore’s trade will experience but a temporary relief because of a slowdown in the US and Europe.

According to CGS-CMB economist Nazmi Idrus, China’s relaxed health rules in June may result in strong pickup in trade in the next few months due to increased factory production.

“This should bode well for Singapore’s and regional trade,” said Idrus.

Meanwhile, Singapore’s imports from China improved from 29.4% year-on-year and 23% month-on-month in May which was possibly impacted by the partial revival of factories in Shanghai.

In China, the manufacturing sector was also strengthened, with the purchasing manager's index rising to 49.1 in May from April's record-low of 46.

However, CGS-CIMB warned that trade will decelerate in the US and Europe in the latter part of this year as consumer spending will be hard hit by aggressive rate hikes.

Currently, Singapore’s exports grew by 12.4% in May 2022, compared to the same period last year, which outperformed the consensus estimates of CGS-CIMB.

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!