Total trade accounts for 346%, 131% and 130% of GDP in Singapore, Malaysia and Thailand, respectively, Moody's said.
The STI and Nikkei 225 indices ended more than 1% while Malaysian and Indonesian benchmark indices were down 0.2% and 0.35% respectively.
According to a Bloomberg surrey, the economy is projected to grow at 6.6 percent this year.
This is despite a broadly weak US dollar and negative economic signals from the island economy.
The Fund also highlighted the risk of continued volatility in financial markets owing to the differences in monetary conditions in the world's major economies.
The decline in exports to China was much less than the 25.2 percent fall in January.
Experts' recommendations include a wider range of financial and insurance instruments to hedge short term risks.
It was in line with expectations that the Fed leaving rates on hold but the market players got an extra pinch of dovish tone in the Chair's statement.
Median of estimate in the MAS survey of 24 private economists showed the GDP growth rate to drop to 1.9% for 2016 from 2.2% predicted in the previous poll.
The ministry also said total employment growth grew by 0.9 percent last year, which was the lowest growth since 2003
As per the arrangement, up to 300bn in Chinese Yuan liquidity will be available to eligible financial institutions operating in Singapore.
Indonesia, the Philippines and Vietnam are less exposed to manufacturing sectors where China has excess capacity.
A total of 15,580 workers were laid off in 2015, up from 12,930 the year before while local employment addition fell to 700 from 96,000 in 2014.
Strategic Hotels was taken private three months back by current owner Blackstone private equity group for around $6 billion.
Malaysia has 2.1 million registered migrant workers as per official records.