The government of Singapore has cut its GDP forecast for 2019, citing a “risk of further escalation of trade conflicts”, particularly between the U.S. and China which have worsened recently. Singapore has already seen five straight months of falling exports, culminating in a 3.6% drop in April. That’s a common position across Asia with six of eight countries reporting lower exports in April, including China. In turn Asia’s slowdown may be a sign that the global export decline experienced in February and March could well have continued in April.