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Business Times
22-05-2025
- Business
- Business Times
Downside risks could intensify for exporters once 90-day tariff truce expires: EnterpriseSG
[SINGAPORE] Singapore's key exports increased 3.3 per cent in Q1 2025 ended March, higher than the 2.4 per cent expansion in the previous quarter. Enterprise Singapore (EnterpriseSG) said on Thursday (May 22) that non-electronic domestic exports – which made up 79 per cent of non-oil domestic exports (NODX) – rose 1.8 per cent year on year in Q1 2025, reversing the 0.7 per cent contraction in the previous quarter. The increase was largely driven by strong gains in non-monetary gold – which rose by 86.5 per cent – and ship and boat structures, which surged by 637.4 per cent. Meanwhile, electronics domestic exports, which accounted for 21 per cent of total NODX, expanded 9.5 per cent, easing from the 14.2 per cent growth recorded in Q4 2024. Growth was led by personal computers and disk media products, which rose 69.8 per cent and 35.8 per cent, respectively. NODX to key markets saw robust improvement in the first quarter of 2025, with shipments to the US rising 19.2 per cent, Taiwan climbing 55.5 per cent, and Hong Kong increasing 24.7 per cent. In April, key exports exceeded expectations with a 12.4 per cent increase on front-loaded shipments amid US President Donald Trump's tariff truce. 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 But for the full year, EnterpriseSG said, the external outlook has softened amid tariff and trade policy uncertainties, though global growth remains supportive. The International Monetary Fund projects the global economy to grow by 2.8 per cent, with key trade partners such as China, the US, EU-27 and Asean-5 showing growth. Meanwhile, the World Trade Organization expects a slight 0.2 per cent contraction in global merchandise trade volumes. Domestically, about 30 per cent of pharmaceuticals and transport engineering firms anticipate new export orders in the second quarter. Taking these factors into account, Enterprise SG maintains the NODX growth forecast for 2025 at between 1 and 3 per cent growth. The lower bound reflects a cautious outlook for the second half of the year due to evolving tariff risks. Despite the recent easing of US-China trade tensions, downside risks could intensify once the 90-day reciprocal tariff reprieve expires, the agency added, saying: 'These risks include weaker-than-expected demand from key partners and slower growth in major export products.' DBS senior economist Chua Han Teng noted that exporters are expected to capitalise on temporarily lowered tariffs during the 90-day reciprocal truce between the US and China, which began in mid-May. This is likely to result in front-loaded orders – a move likely to bolster Singapore's trade performance in the near term. However, he cautioned that this early boost could be followed by a 'payback period' in the second half of 2025, with trade and production growth slowing as a result. 'While the temporary de-escalation of US-China tensions is encouraging, global trade frictions remain elevated compared to pre-Trump 2.0 levels,' Chua added. He also pointed to lingering uncertainties over US tariff negotiations, including the potential imposition of new duties on semiconductors and pharmaceutical products – two key pillars of Singapore's export base. Meanwhile, Singapore's re-exports had increased by 8.3 per cent, following the 14.2 per cent expansion in the previous quarter. The growth in non-oil re-exports was mainly due to higher shipments of both electronics and non-electronics. Re-exports of electronic products rose by 14.4 per cent year on year in the first quarter of 2025, easing slightly from a growth of 16.4 per cent in the previous quarter. The increase was primarily driven by stronger re-exports of parts of personal computers, which surged by 263.4 per cent, integrated circuits, which rose by 7.8 per cent, and telecommunications equipment, which increased by 20.9 per cent. Non-electronic re-exports also registered growth, rising by 1.2 per cent in Q1 2025, though this marked a moderation from the 11.8 per cent expansion recorded in the fourth quarter of 2024. Key contributors to this growth included higher re-exports of copper, which surged by 396.4 per cent, non-electric engines and motors, up by 16.8 per cent, and specialised machinery, which increased by 12.8 per cent. Re-exports to Singapore's top 10 markets as a whole expanded in the first quarter of 2025. The strongest contributors to this growth were Taiwan, which surged 125.7 per cent; the US, which increased by 53.3 per cent; and Vietnam, which rose by 25.9 per cent. Trade performance Singapore's total merchandise trade expanded by 4.9 per cent year on year in the first quarter of 2025, moderating from the 6.8 per cent growth recorded in the previous quarter. Total exports rose by 3.6 per cent, compared to 5.1 per cent in Q4 2024. This was supported by a 6.7 per cent increase in non-oil exports, even as oil exports declined by 10 per cent. Total imports grew by 6.4 per cent, easing from the previous quarter's growth of 8.7 per cent. On a year-on-year basis, Singapore's total services trade increased by 3.8 per cent in Q1, moderating from a 7.4 per cent growth in Q4 2024. Services export and imports rose by 4 per cent and 3.7 per cent, respectively. The growth in services exports was driven mainly by higher receipts from financial services, which increased by 7.7 per cent; other business services were up 3.7 per cent; and transport services, which grew by 2.1 per cent.
Business Times
22-05-2025
- Business
- Business Times
Downside risks could intensify once 90-day tariff truce expires: EnterpriseSG
[SINGAPORE] Singapore's key exports increased 3.3 per cent in Q1 2025 ended March, higher than the 2.4 per cent expansion in the previous quarter. Enterprise Singapore (EnterpriseSG) said on Thursday (May 22) that non-electronic domestic exports - which made up 79 per cent of on-oil domestic exports (NODX) - rose 1.8 per cent year-on-year in Q1 2025, reversing the 0.7 per cent contraction seen in the previous quarter. The increase was largely driven by strong gains in non-monetary gold, which rose by 86.5 per cent and ship and boat structures which surged by 637.4 per cent. Meanwhile, electronics domestic exports, which accounted for 21 per cent of total NODX, expanded 9.5 per cent, easing from the 14.2 per cent growth recorded in Q4 2024. Growth was led by personal computers and disk media products, which rose 69.8 per cent and 35.8 per cent respectively. NODX to key markets saw robust improvement in the first quarter of 2025, with shipments to the US rising 19.2 per cent, Taiwan climbing 55.5 per cent, and Hong Kong increasing 24.7 per cent. In April, key exports exceeded expectations with a 12.4% increase on front-loaded shipments amid Trump's tariff truce. 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 But for the full year, EnterpriseSG said the external outlook has softened amid tariff and trade policy uncertainties, though global growth remains supportive. The IMF projects the global economy to grow by 2.8 per cent, with key trade partners such as China, the US, the EU-27, and Asean-5 showing growth. Meanwhile, the World Trade Organisation (WTO) expects a slight 0.2 per cent contraction in global merchandise trade volumes. Domestically, around 30 per cent of pharmaceuticals and transport engineering firms anticipate new export orders in the second quarter. Taking these factors into account, Enterprise SG maintains the NODX growth forecast for 2025 at between 1 and 3 per cent growth. The lower bound reflects a cautious outlook for the second half of the year due to evolving tariff risks. Despite the recent easing of US-China trade tensions, downside risks could intensify once the 90-day reciprocal tariff reprieve expires, the agency added. 'These risks include weaker-than-expected demand from key partners and slower growth in major export products.' Meanwhile, Singapore's re-exports had increased by 8.3 per cent, following the 14.2 per cent expansion in the previous quarter. The growth in non-oil re-exports (NORX) was mainly due to higher shipments of both electronics and non-electronics. Re-exports of electronic products rose by 14.4 per cent year-on-year in the first quarter of 2025, easing slightly from a growth of 16.4 per cent in the previous quarter. The increase was primarily driven by stronger re-exports of parts of personal computers, which surged by 263.4 per cent, integrated circuits, which rose by 7.8 per cent, and telecommunications equipment, which increased by 20.9 per cent. Non-electronic re-exports also registered growth, rising by 1.2 per cent in Q1 2025, though this marked a moderation from the 11.8 per cent expansion recorded in the fourth quarter of 2024. Key contributors to this growth included higher re-exports of copper, which surged by 396.4 per cent, non-electric engines and motors, up by 16.8 per cent, and specialised machinery, which increased by 12.8 per cent. Re-exports to Singapore's top ten markets as a whole expanded in the first quarter of 2025. The strongest contributors to this growth were Taiwan, which saw a surge of 125.7 per cent, the US, which increased by 53.3 per cent, and Vietnam, which rose by 25.9 per cent. Trade performance Singapore's total merchandise trade expanded by 4.9 per cent year-on-year in the first quarter of 2025, moderating from the 6.8 per cent growth recorded in the previous quarter. Total exports rose by 3.6 per cent, compared to 5.1 per cent in Q4 2024. This was supported by a 6.7 per cent increase in non-oil exports, even as oil exports declined by 10 per cent. Total imports grew by 6.4 per cent, easing from the previous quarter's growth of 8.7 per cent. On a year-on-year basis, Singapore's total services trade increased by 3.8 per cent in Q1, moderating from a 7.4 per cent growth in Q4 2024. Services export and imports rose by 4 per cent and 3.7 per cent respectively. The growth in services exports was driven mainly by higher receipts from financial services, which increased by 7.7 per cent, other business services were up 3.7 per cent, and transport services, which grew by 2.1 per cent.
Straits Times
16-05-2025
- Business
- Straits Times
Singapore key exports surge 12.4% in April, much more than expected
Non-oil domestic exports surged 12.4 per cent year on year in April, compared to a 5.4 per cent rise in the previous month. ST PHOTO: LIM YAOHUI Singapore key exports surge 12.4% in April, much more than expected SINGAPORE - Singapore's key exports grew at a faster pace in April, boosted by stronger shipments of both electronics and non-electronics. Non-oil domestic exports (Nodx) surged 12.4 per cent year on year in April, compared to a 5.4 per cent rise in the previous month, according to figures released by trade agency Enterprise Singapore (EnterpriseSG) on May 16. April's increase far outstripped the 4.3 per cent growth forecast by analysts in a Bloomberg poll. Electronics exports expanded 23.5 per cent year on year, almost double the 12.2 per cent growth in March. Growth was underpinned by personal computers, disk media products and integrated circuits. Non-electronics exports grew 9.3 per cent in April, higher than the revised 3.7 per cent increase in March. Non-monetary gold led the charge with an 80.4 per cent expansion, while structures of ships and boats as well as specialised machinery rose by 7.2 per cent. Nodx to Indonesia, Taiwan and South Korea grew, though shipments to Malaysia and China -Singapore's single largest export market – declined. The main drag on Nodx was China, which saw a 17 per cent drop in shipments compared to a revised 29.5 per cent plunge in March. Shipments to the United States grew 1.2 per cent in April, a sharp drop from the revised 6.2 per cent growth in March. Exports to Indonesia surged 111.2 per cent in April, following a revised 62.9 per cent growth in the preceding month thanks to structures of ships and boats, non-monetary gold and personal computers. Shipments to Taiwan grew by 47.4 per cent in April, following the 45.7 per cent expansion in the preceding month, due to specialised machinery, integrated chips and measuring instruments. Nodx to South Korea expanded by 38.1 per cent in April, following the 21.6 per cent growth in March, due to specialised machinery, integrated chips and personal computers. Join ST's WhatsApp Channel and get the latest news and must-reads.
Business Times
06-05-2025
- Business
- Business Times
Enterprise Singapore launches new one-stop Sustainability Hub website for SMEs
[SINGAPORE] Enterprise Singapore (EnterpriseSG) launched the new SME Sustainability Hub on Tuesday (May 6), a website that aims to help small and medium-sized enterprises (SMEs) access information on the available government support and resources as they embark on their sustainability journey. Companies can also benefit from new carbon-management solutions under the Productivity Solutions Grant (PSG) to support their decarbonisation efforts. EnterpriseSG said that the website was launched with the support of the Ministry of Trade and Industry, Ministry of Sustainability and the Environment, National Environment Agency, national water agency PUB, and other agencies. In a media release, Geoffrey Yeo, assistant managing director for capabilities, product and policy at EnterpriseSG, noted that while there is growing traction among SMEs to embark on sustainability, many remain unsure of how to get started. 'The SME Sustainability Hub is a whole-of-government effort that will enable local enterprises to easily access sustainability-related information and government resources to accelerate their sustainable transformation,' he said. Jean Goh, managing director of Xcel Industrial Supplies, stated: 'Sustainability is important for businesses to stay competitive, but, as an SME, it can be challenging to navigate the large amount of information without guidance.' A NEWSLETTER FOR YOU Friday, 12.30 pm ESG Insights An exclusive weekly report on the latest environmental, social and governance issues. Sign Up Sign Up The website connects SMEs with sustainability information, programmes and relevant subsidies they can take advantage of through an e-adviser. These include financial schemes to reduce costs that SMEs incur in pursuit of their sustainability goals, as well as development courses to educate employees and firms on sustainability skills and competencies. Other features include case studies of successful SMEs that have embarked on their sustainability journey; relevant regulations regarding sustainability practices; and a list of sustainability issues to explore, such as carbon emissions, water and waste management. One of the new support programmes is to help firms develop carbon-management solutions through the PSG. The solutions will guide SMEs on their carbon-accounting capabilities, including providing advisory on data input for their Scope 1 and Scope 2 emissions. Advanced SMEs on their carbon-management journey can also utilise the PSG to assess their Scope 3 emissions for target-setting and to explore opportunities to further enhance their competitiveness in a low-carbon economy. Scope 1 emissions are direct emissions from production, such as from a firm's own factory, while Scope 2 emissions indirectly come from the manufacturing of a product which a firm imports. Scope 3 refers to indirect emissions arising from a company's value chain.
The Sun
21-04-2025
- Business
- The Sun
Singapore will continue to strengthen JS-SEZ to enhance economic and business collaboration
JOHOR BAHRU: Singapore will continue to strengthen the fundamentals of the Johor-Singapore Special Economic Zone (JS-SEZ) to enhance its value proposition, according to Deputy Prime Minister and Trade and Industry Minister Gan Kim Yong. He noted that the republic aims to improve the flow of goods and people between Singapore and Johor by simplifying clearance and customs procedures. Additionally, efforts will be made to fortify the business ecosystem through streamlined approval processes, investment in talent development, and the establishment of a single touchpoint for businesses, he said. 'In particular, on Singapore's end, the Ministry for Trade and Industry, together with EnterpriseSG and Economic Development Board, have established a joint project office to support Singapore-based companies keen to expand and do more in the JS-SEZ and this will complement the Invest Malaysia Facilitation Centre-Johor established by Malaysia,' he said in his keynote address at JS-SEZ Business and Investment Forum here today. Also present were Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz and Johor Menteri Besar Datuk Onn Hafiz Ghazi. Furthermore, Gan said Singapore would strengthen its network of economic partnerships with like-minded nations and economic blocs, such as within Asean and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, as well as the Gulf Cooperation Council and the European Union, to open up new markets and supply chain flows for businesses. He also said the JS-SEZ presents an opportunity for businesses to explore ways to 'strengthen their supply chain', so they can better respond to volatility and continue to grow their businesses. 'The JS-SEZ builds on the strong, longstanding economic partnership between Malaysia and Singapore to open a new frontier of opportunities for businesses,' he said. Gan said that some businesses in Singapore may choose to expand their capacity in the JS-SEZ and develop new capabilities, while others may also decide to twin their presence in both Singapore and Johor, so that they can tap into our complementary strengths. He highlighted that, for example, South Korea's SPC Group has chosen to site its halal manufacturing plant in Johor, while establishing a regional headquarters and innovation centre in Singapore that drives the research and development of new products. 'We also hope that we can attract and anchor new businesses which are not yet in Singapore or Malaysia to site their new investments in the JS-SEZ,' he said. Gan also hoped that Malaysia and Singapore would team up with like-minded countries, double down on better connectivity and ease of doing business, and join hands with businesses and investors at a time of significant volatility, uncertainty and anxiety in the global economy. 'This way, both countries can further bridge our economies through the JS-SEZ and strengthen our supply chain, so that we can be more dynamic and resilient together and continue to create good jobs for people on both sides of the Straits,' he added. – Bernama
