Next Up China?

Singapore Exports Fall as Western Demand Ebbs

WSJ
By JOHN JANNARONE
June 18, 2008

SINGAPORE -- Exports from Singapore in May fell the most in more than two years as shipments to the U.S. and Europe tumbled, highlighting the island state's exposure to weaker demand from Western developed economies....Nonoil domestic exports fell 9.8% in May from April in seasonally adjusted terms....Shipments to Western countries were much weaker in May, and healthier demand from Singapore's Asian trading partners wasn't sufficient to keep overall exports afloat.

Decoupling theory may you rest in peace.