Singapore key exports surprise with 13% rebound in June
Singapore's key exports rose 5.2 per cent in the first six months of 2025 amid tariff uncertainty..
SINGAPORE - Singapore's key exports enjoyed a surprisingly strong rebound in June, reversing the fall in May, as a result of an increase in both electronics and non-electronics shipments.
Non-oil domestic exports (Nodx) expanded by 13 per cent in June from a year ago, after a revised 3.9 per cent decline in the previous month, data from Enterprise Singapore on July 17 showed.
This beat the expectations of analysts who forecast a rise of around 5 per cent.
For the first six months of 2025, exports rose 5.2 per cent.
EnterpriseSG said it is actively monitoring the evolving tariff situation and will adjust its 2025 Nodx forecast as necessary to reflect changing market conditions. The next forecast will be released in August.
The agency had earlier said in its May quarterly trade review that it expects growth in key exports to come in at the lower end of its 1 per cent to 3 per cent forecast for 2025.
US President Donald Trump, who has sent more than 20 letters to trading partners outlining the tariff rates for different countries, has yet to send a letter to Singapore.
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The tariff pause deadline was extended from July 9 to Aug 1, but continues to darken the outlook for Singapore companies.
In June, shipments of electronic products grew 8 per cent year on year, extending the 1.6 per cent increase in the previous month.
Integrated circuits, or chips, grew 17.5 per cent. Meanwhile, personal computers surged 53.8 per cent, and bare printed circuit boards rose 17 per cent. These three segments contributed the most to the increase in electronic shipments.
Non-electronic shipments also expanded in June, by 14.5 per cent, reversing the 5.8 per cent decline in the previous month.
Non-monetary gold exports soared 211.9 per cent, while specialised machinery grew by a smaller 31.4 per cent. Other specialty chemicals expanded 20.1 per cent.
Singapore's shipments to the United States again dropped, alongside falling shipments to the Eurozone, Thailand, Malaysia, Indonesia and Japan.
But exports to Hong Kong expanded 54.4 per cent in June, following the 0.1 per cent increase in the preceding month.
This was due to growth in exports of specialised machinery, chips and non-monetary gold.
Shipments to Taiwan also rose, by 28.3 per cent in June, extending the 15.6 per cent growth in the preceding month.
This was a result of growth in exports of specialised machinery, measuring instruments and chips.
Singapore's exports to South Korea also expanded by 33 per cent in June, following May's 4.9 per cent rise. This was due to specialised machinery, measuring instruments and personal computers exports growing.
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