Singapore's exports rise 13% in June, stronger than forecast

CNA

5 days ago

SINGAPORE: Singapore's non-oil domestic exports rose 13 per cent in June from the same month a year earlier, government data showed on Thursday (Jul 17), outpacing analysts' estimates as shipments of PCs, integrated circuits and non-monetary gold rose significantly.
The rise compared with a Reuters poll forecast for annual growth of 5 per cent, and followed a revised 3.9 per cent fall in May.
Details of the month-on-month seasonally adjusted change in exports were not included in Enterprise Singapore's statement.
Exports of electronic products such as PCs and integrated circuits grew by an annual 53.8 per cent and 17.5 per cent respectively, while non-electronic products such as non-monetary gold and specialised machinery grew by 211.9 per cent and 31.4 per cent respectively.
Exports to Hong Kong, Taiwan and South Korea increased in annual terms in June by 54.4 per cent, 28.3 per cent and 33 per cent, respectively.
Exports to China also grew year-on-year by 8.5 per cent.
Exports to the US fell by an annual 4.8 per cent, while exports to Japan, Indonesia, Malaysia, Thailand and the European Union also decreased.
For the first six months of 2025, non-oil domestic exports rose 5.2 per cent year-on-year.
Singapore's economy grew at a faster-than-expected 4.3 per cent in the second quarter from a year earlier, preliminary data showed, despite a dimming outlook due to global economic uncertainty.
However, Trade Minister Gan Kim Yong has warned that the implementation of US tariffs and a diminishing front-loading effect would weigh on growth over the next six to 12 months.
He will visit the US later this month to discuss tariff concessions for the country's pharmaceutical exports as part of efforts to limit the economic impact of the trade war.
US President Donald Trump has notified some countries that tariffs of 20 per cent to 50 per cent will kick in from Aug 1, warning that any reprisals would draw a like-for-like response.
Singapore has not yet received a letter from the Trump administration this round, and its exports are still subject to the 10 per cent baseline tariff announced in April.
Southeast Asian neighbours Vietnam and Indonesia have both struck deals with Washington for tariffs below the levels that Trump had initially threatened to levy on them.
Enterprise Singapore said it is "actively monitoring the evolving tariff situation and will adjust the 2025 NODX forecast as necessary to reflect changing market conditions".