Singapore's exports unexpectedly fall 3.5% y/y in May
SINGAPORE, June 17 (Reuters) - Singapore's non-oil domestic exports fell 3.5% in May from a year earlier, government data showed on Tuesday, with shipments of electronics rising slightly but petrochemicals, non-monetary gold and specialised machinery falling.
The fall compared with a Reuters poll forecast of 8.0% year-on-year growth, and followed a 12.4% rise in April.
Details of the month-on-month seasonally adjusted change in exports were not included in Enterprise Singapore's statement.
Exports to Taiwan, Indonesia, South Korea and Hong Kong increased in annual terms in May, while exports to the United States, Thailand and Malaysia decreased.
The outlook for the financial hub remains uncertain as global trade is expected to slow because of tariffs imposed by the United States. Singapore downgraded its GDP forecast for 2025 to 0% to 2% from 1% to 3% in April, with officials saying the city-state faces a risk of recession and job losses.
Trade minister Gan Kim Yong said in May that while the U.S. was not going to budge on the 10% tariff imposed on Singapore, the nation was negotiating for concessions on pharmaceutical tariffs that President Trump has threatened to implement.
As one of the world's most open economies, Singapore is often seen as a bellwether for global growth as its international trade dwarfs its domestic economy.
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