Singapore key exports rise 7.1% in Q2 but full-year forecast unchanged as tariff concerns simmer
Singapore's trade agency still expects growth in key exports to come in at the lower end of its 1 per cent to 3 per cent forecast in 2025.
SINGAPORE - Singapore's key exports kept up their growth momentum in the second quarter of 2025, aided by the front-loading of orders before US tariffs took effect in August.
Non-oil domestic imports (Nodx) expanded 7.1 per cent over the period from a year ago, building on the 3.3 per cent growth seen during the first quarter.
Even so, officials warned that US tariffs pose a large risk in the months ahead, with countries anticipating the Trump administration's next moves.
'Continued economic uncertainty amidst the evolving tariff situation could dampen demand from key trading partners. Meanwhile, sector-specific tariff risks remain,' Enterprise Singapore said in a statement on Aug 12.
The front-loading effect is also expected to dissipate in the coming months, now that US reciprocal tariffs have kicked in on Aug 7, said the trade agency.
As such , it still expects growth in key exports to come in at the lower end of its 1 per cent to 3 per cent forecast in 2025.
This comes as the Ministry of Trade and Industry
raised its growth forecast for 2025 to 1.5 per cent to 2.5 per cent, from an earlier range of zero per cent to 2 per cent, due to the economy's better-than-expected performance in the first half year.
The United States on Aug 11 also extended its tariff truce with China for another 90 days, just hours before much higher tariffs were due to kick in.
Bu t a new sweep of reciprocal US tariffs already took effect on Aug 7, hitting other countries in the region.
Singapore's tariff rate of 10 per cent has been unchanged since April, but its key pharmaceutical and semiconductor exports remain under threat of potential US tariffs.
In the second quarter, Nodx growth was supported by the exports of non-monetary gold, which jumped 82.5 per cent in the second quarter.
Personal computer exports grew surged 78 per cent, while integrated circuits rose 13.9 per cent over the period.
More broadly, Nodx grew 5.2 per cent in the first half of 2025 from a year ago.
This was likely supported by front-loading, with buyers making orders in advance in anticipation of higher tariffs, according to Enterprise Singapore.
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