logo
Singapore expects key exports to come in at lower end of 1-3% in growth forecast for 2025

Singapore expects key exports to come in at lower end of 1-3% in growth forecast for 2025

Straits Times22-05-2025

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.
Join ST's Telegram channel and get the latest breaking news delivered to you.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Oil prices hit multi-week highs amid US-China trade talks
Oil prices hit multi-week highs amid US-China trade talks

Business Times

timean hour ago

  • Business Times

Oil prices hit multi-week highs amid US-China trade talks

[NEW YORK] Oil prices hit multi-week highs on Monday, buoyed by a weaker US dollar, while investors awaited news from US-China trade talks in London in hopes a deal could boost the global economic outlook and subsequently fuel demand. Brent crude futures settled 57 cents higher, or 0.9 per cent, to US$67.04 a barrel. During the session, the benchmark rose to US$67.12 a barrel, the highest since April 28. US West Texas Intermediate crude rose 71 cents, or 1.1 per cent, to US$65.29. The contract reached US$65.38 a barrel during the session, the highest since April 4. A weaker US dollar gave some support to oil prices, as the dollar index dropped 0.3 per cent, making oil cheaper for holders of other currencies. Last week, Brent rose 4 per cent and WTI gained 6.2 per cent as the prospect of a US-China trade deal boosted risk appetite for some investors. 'Much of this advance appears technically driven and such rallies can easily subside without new bullish headlines,' analysts at energy advisory firm Ritterbusch and Associates said in a note. 'Much attention will be given to the ongoing US-China trade talks.' BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up US President Donald Trump and China's leader Xi Jinping spoke by telephone on Thursday before US and Chinese officials met in London on Monday to calm trade tensions between the two nations. A trade deal between the United States and China could support the global economic outlook and in turn boost demand for commodities including oil. Monday's talks could dampen the impact on prices of Chinese data releases, IG market analyst Tony Sycamore said. Chinese export growth slowed to a three-month low in May as US tariffs curbed shipments while factory gate deflation deepened to its worst in two years, heaping pressure on the world's second-largest economy at home and abroad. 'Bad timing for crude oil, which was testing the top of the range and knocking on the door of a technical break above US$65,' Sycamore said, referring to WTI prices. The data also showed that China's crude oil imports declined in May to the lowest daily rate in four months as state-owned and independent refiners began planned maintenance. The prospect of a potential China-US trade deal outweighed concern over the price impact from increased output by the Opec+ group of oil producers next month. The Organization of the Petroleum Exporting Countries' oil output rose in May by less than the volume planned, a Reuters survey found, as Iraq made further cuts to compensate for earlier pumping above target and Saudi Arabia and the United Arab Emirates made smaller hikes than allowed. Opec pumped 26.75 million barrels per day last month, up 150,000 bpd from April's total, the survey showed on Monday, with Saudi Arabia making the largest increase. REUTERS

Train service between Moscow and North Korea's Pyongyang to resume in June, says Russia
Train service between Moscow and North Korea's Pyongyang to resume in June, says Russia

Straits Times

time2 hours ago

  • Straits Times

Train service between Moscow and North Korea's Pyongyang to resume in June, says Russia

Passenger rail traffic between Russia and North Korea was suspended in February 2020 at the onset of the Covid-19 pandemic. PHOTO: REUTERS Train service between Moscow and North Korea's Pyongyang to resume in June, says Russia MOSCOW - Russia and North Korea plan to restart a direct passenger train service between Moscow and the North Korean capital Pyongyang this month for the first time since 2020, Russia's state-owned rail monopoly said on June 9. Russian Railways said it had agreed with North Korea's railways ministry to resume a twice-monthly service between the two capitals on June 17, a journey it said took eight days and which, at over 10,000km, was the longest direct rail journey in the world. Another service between Pyongyang and Khabarovsk, a Russian city close to China's north-eastern border, will restart two days later. The services will be operated by Korean State Railway, the state operator, and in the case of the Moscow-Pyongyang route will see a North Korean passenger railcar hitched to the regular Moscow-Vladivostok service and then re-attached to another train. Passenger rail traffic between Russia and North Korea was suspended in February 2020 at the onset of the Covid-19 pandemic. Moscow and Pyongyang have since ratcheted up cooperation, including in the military sphere since President Vladimir Putin and North Korean leader Kim Jong Un signed a comprehensive strategic partnership treaty in 2024. North Korea confirmed in late April that it had sent more than 10,000 troops and weapons to Russia to assist in its war in Ukraine, aid which proved crucial for Moscow in recapturing Russia's western Kursk region from Ukraine. The two countries already operate a passenger rail service between Vladivostok in Russia's Far East and Rason, a North Korean port city. The nations are also linked by freight rail networks, although Russia does not disclose the size of the cargo traffic. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.

Employers, don't dismiss that negative employee review
Employers, don't dismiss that negative employee review

Straits Times

time3 hours ago

  • Straits Times

Employers, don't dismiss that negative employee review

Responding thoughtfully – even to criticism – shows that an organisation listens, cares and is willing to grow, says the writer. PHOTO: EPA-EFE John was a business analyst who had worked for a couple of years at a mid-sized firm. He was bored and unfulfilled. Things at work had gone stale – no challenges, no learnings, no recognition. An unexpected call came from a recruiter. The role on offer was at a fast-growing start-up and came with more responsibility, bigger title and a nice salary jump. Join ST's Telegram channel and get the latest breaking news delivered to you.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store