Singapore key exports surprise with 13% expansion in June
SINGAPORE: Singapore's key exports enjoyed a surprisingly strong rebound in June, reversing the fall in May, on the back of growth in both electronics and non-electronics shipments.
Non-oil domestic exports (Nodx) expanded 13% in June from a year ago, after a revised 3.9% decline in the previous month, data from Enterprise Singapore (EnterpriseSG) on July 17 showed.
This beat the expectations of analysts polled by Reuters who forecast a rise of 5%.
For the first six months of 2025, exports rose 5.2%.
Growth was driven mainly by front-loading as companies raced to beat the original July 9 tariff reprieve deadline.
EnterpriseSG said it is actively monitoring the evolving tariff situation and will adjust its 2025 Nodx forecast as necessary to reflect changing market conditions. The next forecast will be released in August.
The agency had earlier said in its May quarterly trade review that it expects growth in key exports to come in at the lower end of its 1% to 3% forecast for 2025.
US President Donald Trump, who has sent more than 20 letters to trading partners outlining the tariff rates for different countries, has yet to send a letter to Singapore.
The tariff pause deadline was extended from July 9 to Aug 1, but continues to darken the outlook for Singapore companies.
In June, shipments of electronic products grew 8% year on year, extending the 1.6% increase in the previous month.
Integrated circuits, or chips, grew 17.5%, while personal computers surged 53.8% and bare printed circuit boards rose 17%. These three segments contributed the most to the increase in electronic shipments.
Non-electronics shipments also expanded in June, by 14.5%, reversing the 5.8% decline in the previous month. Non-monetary gold exports soared 211.9%, while specialised machinery grew by a smaller 31.4%. Other speciality chemicals expanded 20.1%.
Singapore's shipments to the United States again dropped, alongside falling shipments to the eurozone, Thailand, Malaysia, Indonesia and Japan.
But exports to Hong Kong expanded 54.4% in June, following the 0.1% increase in the preceding month. This was due to growth in exports of specialised machinery, chips and non-monetary gold.
Shipments to Taiwan also rose, by 28.3% in June, extending the 15.6% growth in the preceding month. This was a result of growth in exports of specialised machinery, measuring instruments and chips.
Singapore's exports to South Korea expanded by 33% in June, following May's 4.9% rise. This was due to growth in exports of specialised machinery and personal computers. — The Straits Times/ANN
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