Singapore's non-oil domestic exports (NODX) recorded worst decline in two years in the month of December.

Shipments to it's most popular markets have also been declining year on year, with shipments for electronics and pharmaceuticals decreasing significantly, according to data from Enterprise Singapore.

"This could show that US-China trade talks have become a ruse, falling in line with disappointing China trade data. There is a likelihood that (export fall) will continue into the first quarter", Ms Selena Ling, head of treasury research and strategy at OCBC

Earlier this week, China announced that its December exports unexpectedly fell 4.4 per cent from a year earlier as well, the biggest monthly drop in two years, pointing to further weakening of the world's second-largest economy.