Singapore’s non-oil domestic exports slumped the most since October 2016, signaling growth risks to one of Asia’s most trade-dependent economies.

Exports dropped 5.9 percent in February from a year earlier, compared with the Bloomberg survey median for a 4.8 percent gain. Shipments of electronics plunged the most since July 2016, while sales of non-electronics also fell.

While fluctuations might be expected given the unusual timing of the Lunar New Year holiday this year, a third straight monthly decline in electronics—which led gains for much of last year—adds to signs that exports could slow in 2018. Policy makers around the world have signaled concern over a global trade war after the U.S. imposed tariffs on some goods.

Exports accounted for 172 percent of Singapore’s gross domestic product in 2016, according to the World Bank, compared with 20 percent for China.

To contact the reporter on this story: Michelle Jamrisko in Singapore at [email protected].

To contact the editors responsible for this story: Nasreen Seria at [email protected], Karl Lester M. Yap, Chris Bourke

©2018 Bloomberg L.P.