Latest news with #Nodx
Straits Times
22-05-2025
- Business
- Straits Times
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. Join ST's Telegram channel and get the latest breaking news delivered to you.
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.
