Singapore expects key exports to come in at lower end of 1-3% in growth forecast for 2025
Non-oil domestic exports (Nodx) grew by 3.3 per cent in the first quarter of 2025, extending the 2.4 per cent expansion recorded in the last quarter of 2024. ST PHOTO: BRIAN TEO
Singapore expects key exports to come in at lower end of 1-3% in growth forecast for 2025
SINGAPORE - Singapore expects growth in key exports to come in at the lower end of its 1 to 3 per cent forecast in 2025 due to developments on the trade and tariff fronts clouding the global outlook.
Non-oil domestic exports (Nodx) grew by 3.3 per cent in the first quarter of 2025, extending the 2.4 per cent expansion recorded in the last quarter of 2024.
'Notwithstanding the recent US-China trade tension de-escalation, downside risks could intensify following the expiration of the 90-day reciprocal tariff reprieve,' Enterprise Singapore said on May 22.
'These include a weaker-than-expected demand from key partners and moderation of growth in key products.'
The trade agency also noted that the 2025 external outlook has weakened amid tariff and trade policy uncertainty but remains supportive of growth.
The International Monetary Fund (IMF) expected the global economy to grow by 2.8 per cent in 2025, and growth is expected across Singapore's key trade partners, including China, the US, the EU 27 and ASEAN-5, which comprises Indonesia, Malaysia, the Philippines and Thailand besides Singapore.
In the first quarter of 2025, Singapore's non-electronic exports rose by 1.8 per cent, reversing a 0.7 per cent decline in the previous quarter.
The increase was led by a 637.4 per cent surge in shipments of structures of ships and boats, followed by an 86.5 per cent rise in non-monetary gold and an 11.5 per cent increase in measuring instruments.
Singapore's electronics exports grew by 9.5 per cent, easing from the 14.2 per cent expansion in the previous quarter. Growth was driven by a personal computers, disk media products and integrated circuits.
Shipments of key exports to the United States, Taiwan and Hong Kong grew by 19.2 per cent, 55.5 per cent and 24.7 per cent respectively in the first three months of 2025.
Total merchandise trade increased by 4.9 per cent in the first quarter of 2025. Total imports rose by 6.4 per cent, while total exports grew by 3.6 per cent.
Growth in exports was driven by non-oil exports at 6.7 per cent, while oil exports declined by 10 per cent.
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