Analysts noted that the decline was worse than that of September 2001, following the terrorist attacks in the US, when exports dropped 30.7 per cent.

Non-oil domestic exports tumbling

CNA news: Singapore January non-oil exports fall record 35% on-year

This came on the back of falling demand from all of Singapore’s top 10 markets amid a global economic slowdown.

Compared to the previous year, exports to China fell by 52 per cent in January, while those to the US decreased by 50 per cent.