Singapore's exports drop 12% in May from year ago, but show signs of improvement

The slump in Singapore's non-oil exports eased in May, suggesting th most important sector of the city-state's economy is stabilizing. Exports fell 12% in May from May of 2008 to $10.9B Singapore ($7.5B) following a 19% drop in April, according to Trade & Industry Ministry figures. Compared to April, exports rose a seasonally adjusted 5.6%. "The picture is getting more positive, but we're not seeing a sharp recovery," said Irvin Seah, economist with DBS bank. "The Singapore economy took a very harsh battering & it'll take time to heal," he said. The island's economy contracted each of the last 5 quarters & the gov