Singapore's key exports rise 12.4% in April, significantly higher than forecast
The rise compared with a Reuters poll forecasting year-on-year growth of 4.3 per cent, and followed a 5.4 per cent rise in March.
Electronics exports grew 23.5 per cent year on year, almost double the 12.2 per cent growth in March. PCs, integrated circuits and disk media contributed the most to the expansion, according to data released by Enterprise Singapore.
Non-electronics exports grew 9.3 per cent in April, higher than the 3.7 per cent increase in March.
Among Singapore's top 10 markets, NODX expanded to all but two destinations.
Overall shipments to China fell by 17 per cent year-on-year in April compared with a 29.5 per cent drop in March.
NODX to Malaysia fell 1 per cent compared with a 12.4 per cent expansion in March.
Exports to the US showed moderated year-on-year growth of 1.2 per cent from the figure of 6.2 per cent in March, while exports to Indonesia surged 111.2 per cent compared with the figure of 62.9 per cent in March.
Exports to Taiwan, South Korea, Hong Kong, Thailand, Japan also increased in annual terms in April.
The outlook for Singapore remains uncertain as global trade is expected to slow under tariffs enacted by the United States.
Selena Ling, an economist at Singapore bank OCBC, said that April's high exports could be a sign of customers attempting to get ahead of any rise in global trade tensions, especially as the tariffs set by US President Donald Trump exempted electronics.
"With the 90-day suspension of the reciprocal tariffs and various ongoing trade negotiations, these few months could be a relief window where front-loading potentially continues until there is better clarity," she said.
"Something to watch is the softening of (non-oil domestic exports) to the US across both electronics and non-electronics."
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. Singapore announced an "economic resilience" task force last month to deal with the trade fallout and the government said it cannot rule out a recession.
It also downgraded its GDP forecast to 0 per cent to 2 per cent from 1 per cent to 3 per cent previously.
Details of the month-on-month seasonally adjusted change in exports were not included in EnterpriseSG's statement.
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CNA
18 minutes ago
- CNA
Diners welcome colour-coded labels at nasi padang, economy rice stalls but call for clearer prices
SINGAPORE: When part-time driver Yam Sok Chi visited Hjh Maimunah's outlet at Parkway Parade last week, she noticed something new – each dish was labelled with a colour code indicating its price. 'This is a very clear picture,' said the 70-year-old, who dines at the Kopitiam outlet two to three times a week. 'Nothing better than to look at the price and order according to the price that you can afford.' The colour-coded labels were recently introduced at the nasi padang chain's Parkway Parade outlet and will soon be rolled out at all nine of its mini outlets, the Consumers Association of Singapore (CASE) said in a media release in late July. This follows a similar collaboration between CASE and Koufu in March, with colour-coded price labels to be implemented at 77 economy rice stalls by the end of the year. At Koufu, labels categorise dishes such as seafood (S$2.50), meat (S$1.50) and vegetables (S$1), while premium items are individually priced. Hjh Maimunah's dishes are colour-coded with prices that range from S$1.50 to S$4.50. Speciality items, such as tahu telur and ayam bakar, have grey tags, and customers will have to ask staff for prices. CASE president Melvin Yong said the introduction of price labels aims to improve price transparency and help customers make informed choices before they order. Diners have often expressed frustration over unclear pricing at such stalls. Dr Teo Kay Key, a research fellow at the Institute of Policy Studies, said customers rarely calculate total costs while ordering. 'So sometimes if the total price they have to pay is not within expectations, then it can lead to some contention,' she said. With colour codes, stalls can avoid disputes by showing that they are not charging a random price, she added. ROOM FOR IMPROVEMENT When CNA visited Hjh Maimunah's Parkway Parade outlet and the economy rice stall at Koufu at Plantation Plaza last week, most of the 14 diners interviewed supported the initiative. At Plantation Plaza, a 23-year-old fresh graduate who gave her name as Lynsie said she checks the colour codes when she wants to save money. 'Sometimes if I'm just very hungry, I just want to eat what I want to eat regardless of the price, I don't care about the colour so much,' she added. Production operator Mdm Toh, 60, did not notice the labels but said the idea was 'not bad'. 'I'm old, I don't know. I just see what I want, then order,' she said in Mandarin. She spent S$4.70 on her meal. Mr Khor Jun Han, 25, who oversees operations at Hong Le Mixed Veg Rice stall at Plantation Plaza's Koufu, said feedback has been positive. 'Customers say prices are more transparent. Sometimes when they come, they have a budget in mind,' he said in Mandarin. He explained that some premium dishes cannot have a fixed price point because ingredient costs can vary. Still, some felt the system could be clearer. At Parkway Parade, housewife Daria Wati said she only noticed a small A5-sized price chart at the cashier after picking her food. 'Because at first we don't know, then we go to the cashier, then we see it's like (this price),' said the 49-year-old. A diner who gave his name as Mr Ching questioned why the actual prices could not be shown directly on dishes so that customers would not have to refer to a price list. 'If you put the price there, easier what,' said the 55-year-old logistics manager, adding that he had not even noticed the colour-coded tags at Hjh Maimunah. WHY NOT LABEL BY PRICE? Ms Maria Didih, Hjh Maimunah's operations director, told CNA that labelling each of the outlet's 50-plus dishes individually would confuse customers. She added that dishes may have different prices for larger portions or takeaway orders. 'It's a bit hard for us, nasi padang, because there are a lot of prices. The best is actually for us, for our mini outlets, at least we put the per portion price in terms of colour code,' she said. Items tagged with grey "ask the server" tags, such as asam pedas fish roe, are seasonal and typically priced above regular tiers, making fixed pricing difficult, she added. Hjh Maimunah plans to gather feedback from the Parkway Parade outlet before expanding the initiative to its other mini branches. Its restaurants in Joo Chiat and Jalan Pisang, which offer more than 60 dishes, may adopt the system later. Other economy rice and nasi padang businesses CNA spoke to expressed concerns about adopting a similar system. Mr Terry Soh, who works at an economy rice stall in a food court in Katong, said he has too many variations of dishes to categorise them simply as "meat" or "vegetables" as Koufu stalls do. 'Customers may also get confused. So we don't use colour codes, we just communicate the prices verbally,' he said in Mandarin. He also raised concerns about hygiene and practicality in labelling each dish. Mr Mohamad Ariff Mohamad Zin, executive chef of nasi padang chain Rumah Makan Minang, said the colour-coded system is 'a good idea' for hawker-style setups but will not be adopted at his restaurants. His team instead provides menus with price ranges and breakdowns on receipts. He added that restaurant diners value ambience, while hawker customers may want quicker service – something colour coding could support. EFFECTIVENESS OF COLOUR-CODING Associate Professor Lau Kong Cheen, head of the marketing programme at Singapore University of Social Sciences, said that colour codes work only if pricing charts are clearly visiable to customers before they make their selection. 'Mistakes that some stalls commit are that they display this at the cashier counter after the customers have selected their food, not knowing the price that each colour code represents ... that defeats the purpose,' he said. Although labelling every item with a price would be ideal, he noted that it may be impractical and unhygienic. Inked tags are exposed to oil and water, and prices can change frequently. 'Thus far, colour-coded tags tend to be most feasible, safe and cost-effective to implement,' he said. Associate Professor Walter Theseira, a labour economist at the same university, added that the overall layout and number of colour codes also impact the system's effectiveness. 'I still think it would be difficult for an occasional customer to understand the system, particularly since there are quite a few price grades offered,' he said. Ultimately, as pricing displays are not regulated, he said only voluntary efforts from stallholders – such as those by Hjh Maimunah – can improve market practices.
Straits Times
an hour ago
- Straits Times
US ETF becomes substantial shareholder of SGX-listed small-cap; has stakes in 30 S'pore stocks
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Industrials, materials, financials and energy sector stocks make up the bulk of its portfolio. Japan is the fund's largest market, while most of its other investments are in Europe and Australia. The ETF's year-to-date return as at July 31 is 25.26 per cent, and it closed at US$80.31 on Aug 1. Top stories Swipe. Select. Stay informed. 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American Century's investment in Rex International makes up 0.09 per cent of AVDV's assets under management, which are valued at close to US$11 billion (S$14.1 billion). This is also the first time an ETF has become a substantial shareholder of an SGX-listed small-cap company, said Mr Geoff Howie, market strategist at SGX. Small-cap stocks are valued at under $1 billion, while large-cap stocks are over $5 billion and mid-cap stocks are valued in between. 'Outside of large-cap stocks, we had not seen an ETF provider emerge as a substantial shareholder,' said Mr Howie. He added that no ETF has made similar investments to become a substantial shareholder in small-cap companies listed on other regional exchanges. Therefore, American Century's investment could spell a new positive trend for small-cap companies in Singapore, he noted. He said: 'Small-cap stocks could emerge as a new sector for investments, especially with more companies looking to capitalise on Singapore's reputation as a good place for doing business. 'There is a lot of potential for liquidity to come into the small and mid-cap sectors.' This would also bode well for the Monetary Authority of Singapore's Equity Market Development Programme (EQDP), aimed at boosting SGX-listed stocks and revitalising Singapore's stock market. Mr Vasu Menon, managing director of investment strategy at OCBC Bank, said American Century's investment in SGX-listed small-cap stocks is testament to the confidence that global institutional investors have in the EQDP. 'It is also a recognition that undiscovered gems can be found among small and mid-cap stocks here which have underperformed against large-cap stocks.' He added that AVDV's move would help to raise the profile of small-cap stocks and generate interest from other US and global institutional funds, which should augur well for such companies listed here. Mr Matthias Chan, head of equities research at SAC Capital, said: 'If more foreign-based ETFs are drawn to Singapore equities, it will more than likely target the small to mid-cap space, and for good reason. 'Although the FTSE ST Small Cap Index may have recovered over the past year in line with the market, it is still down 11 per cent over the past three years and 7 per cent over the past five years, suggesting further meaningful upside.' AVDV is currently invested in 30 stocks listed on SGX, which delivered a 42 per cent total return on average, according to SGX. Twenty-two of these stocks delivered a higher average daily turnover of $52.9 million to date in 2025 , compared with $29.3 million for the whole of 2024. The portfolio comprises a mix of Singapore and foreign companies, many of which are in the energy and industrials sectors. Mr Howie said that AVDV's investment in foreign companies listed on SGX is testament to Singapore's advantage as a financial centre in the region with a strong currency. 'If these companies were listed in emerging Asian markets instead, they would not be part of this ETF.' Chinese investment holding firm Yangzijiang Financial Holding – the financial arm of a Chinese shipbuilding company – which has a market cap of $3.27 billion, is the ETF's largest exposure to SGX stocks. It holds 89.6 million shares, or a 2.6 per cent interest, in the company, comprising 0.61 per cent of its stock weight. This investment is also the fund's ninth largest in its entire portfolio. 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CNA
3 hours ago
- CNA
US dollar gains in consolidation move after Fed turmoil, Trump's shake-up
NEW YORK :The U.S. dollar slightly recovered on Monday, consolidating recent moves, after Friday's trio of market-moving events that showcased the fragility of the greenback: a dismal U.S. jobs report, the resignation of a Federal Reserve Governor, and President Donald Trump's firing of a top statistics official. Those developments battered the currency and prompted investors to ramp up bets of imminent Fed rate cuts. But the dollar's bounce on Monday could be short-lived, analysts said, and the broader downtrend could re-emerge given U.S. policymaking uncertainty and a U.S. economy that is finally showing cracks. Data on Friday showed U.S. employment growth undershot expectations in July while the nonfarm payrolls count for the prior two months was revised down by a massive 258,000 jobs, suggesting a sharp deterioration in labour market conditions. "The U.S. seems to be ... experiencing a slowdown across industries that are doubting the benefits to arrive from deterring overseas production and purchasing," said Juan Perez, director of trading at Monex USA in Washington. "The world is not necessarily experiencing much optimism even as economic indicators here help in suggesting that aid will come from the Fed via rate cuts," he added. In afternoon trading, the dollar rose against the euro, Swiss franc, and the commodity-linked currencies such as the Australian and New Zealand dollars. The euro dipped 0.1 per cent against the U.S. unit to $1.1576, while the dollar rose 0.5 per cent against the Swiss franc to $0.8078. The drop in the Swiss currency was not a surprise after Trump hit Switzerland with some of the highest tariffs as part of the White House's global trade reset. The Aussie and New Zealand dollars also declined on Monday versus the greenback, falling 0.2 per cent to US$0.6463 and down 0.3 per cent at US$0.5904. Against the Swiss franc, the dollar rose 0.5 per cent at 0.8081. Versus the yen, the U.S. currency gained 0.3 per cent to 146.945. "July's rebound in the dollar ran into a wall last week, but so far there's no sign of a big jump in any risk premium for holding U.S. assets," said Karl Schamotta, chief market strategist, at Corpay in Toronto. "Strong corporate earnings are - so far - managing to overshadow fears of an incipient slowdown in labor markets, the impact of higher tariffs, the threat to the independence of U.S. statistical agencies, and the growing likelihood that the next Fed chair tries to lead monetary policy in an inflation-boosting dovish direction," he said. BLS FIRING; KUGLER RESIGNATION In other developments, Trump fired BLS Commissioner Erika McEntarfer on Friday, accusing her of faking the jobs numbers. An unexpected resignation by Fed Governor Adriana Kugler also opened the door for Trump to make an imprint on the central bank much earlier than anticipated. Trump has been at loggerheads with the Fed for not lowering interest rates sooner. The developments sent the dollar down more than 2 per cent against the yen and roughly 1.5 per cent against the euro on Friday. The euro slipped 0.2 per cent on Monday to $1.1568, while sterling was little changed at $1.3275. Trump said on Sunday he will announce a candidate to fill the open position at the Fed and a new BLS head in the next few days. Against a basket of currencies, the dollar edged up 0.1 per cent to 98.77, after sliding more than 1.3 per cent on Friday. The dollar rose 3.4 per cent in July, its biggest monthly gain since a 5 per cent jump in April 2022 and first monthly rise of the year, as markets became more at ease with Trump's trade policy and economic data had remained resilient in the face of tariffs. In other markets, the policy-sensitive two-year Treasury yield fell to a three-month low of 3.659 per cent on Monday as traders heavily raided bets of a Fed cut in September, while the benchmark 10-year yield strayed not too far from a one-month low at 4.2257 per cent. Markets are now pricing an 84 per cent chance the Fed will ease rates by a quarter-point next month owing to the weaker than expected jobs data, according to CME's FedWatch, with just under 60 basis points worth of cuts expected by December, implying two 25 basis point cuts and a 40 per cent chance of a third. Currency bid prices at 4 August 07:01 p.m. GMT Descript RIC Last U.S. Pct YTD High Low ion Close Chang Pct Bid Bid Previous e Session Dollar 98.749 98.662 0.1 per cent -8.98 per cent 98.982 98. index 59 Euro/Dol 1.1568 1.1586 -0.15 11.74 per cent $1.159 $1. lar per cent 7 155 Dollar/Y 146.92 147.415 -0.34 -6.63 per cent 148.08 146 en per cent .89 Euro/Yen 169.99 170.76 -0.45 4.15 per cent 171.16 169 per cent .92 Dollar/S 0.808 0.8039 0.54 per cent -10.94 0.8096 0.8 wiss per cent 041 Sterling 1.3277 1.3278 0 per cent 6.16 per cent $1.333 $1. /Dollar 1 325 5 Dollar/C 1.3782 1.3787 -0.03 -4.16 per cent 1.3793 1.3 anadian per cent 759 Aussie/D 0.646 0.6475 -0.21 4.43 per cent $0.648 $0. ollar per cent 9 646 Euro/Swi 0.9346 0.9315 0.33 per cent -0.5 per cent 0.9359 0.9 ss 312 Euro/Ste 0.871 0.8724 -0.16 5.28 per cent 0.873 0.8 rling per cent 688 NZ 0.59 0.5919 -0.3 per cent 5.46 per cent $0.592 0.5 Dollar/D 9 901 ollar Dollar/N 10.268 10.1751 0.91 per cent -9.66 per cent 10.285 10. orway 3 230 8 Euro/Nor 11.8852 11.859 0.22 per cent 0.99 per cent 11.898 11. way 843 Dollar/S 9.6592 9.6365 0.24 per cent -12.33 9.6914 9.6 weden per cent 215 Euro/Swe 11.1796 11.1693 0.09 per cent -2.51 per cent 11.199 11. den 2 170 9
