Singapore’s exports down by 4.6% in July

Singapore’s non-oil domestic exports (NODX) slipped 4.6% year-on-year in July, reversing part of the sharp gains seen a month earlier, official data showed on Monday. The contraction was fueled by a pullback in pharmaceutical shipments, which dragged overall non-electronics exports lower. The country’s economy is an export oriented one. The decline in exports may be an indicator of continued slowdown in global economy.

The decline followed a revised 12.9% jump in June, underlining the volatility of Singapore’s trade flows.

Export performance by market

• Shipments to the United States, China, and Indonesia fell in July.
• Exports to the European Union, Taiwan, South Korea, and Hong Kong recorded growth.

Growth outlook revised, but risks loom

The weaker trade data comes just a week after the government raised its 2025 full-year GDP forecast to 1.5% to 2.5%, up from the earlier projection of 0.0% to 2.0%. The revision reflected better-than-expected performance in the first half of the year, despite external headwinds from U.S. trade measures.

Singapore has been subject to a baseline 10% tariff imposed by Washington, even though it maintains a free-trade agreement with the U.S. and runs a trade deficit with the world’s largest economy.

Authorities have cautioned that momentum could slow in the second half of 2025 as firms wind down the frontloading of exports and production to beat U.S. tariffs.

Leadership warning on trade tensions

In his National Day Rally speech on Sunday, Prime Minister Lawrence Wong said he drew little comfort from the baseline tariff Washington had imposed.

“Because no one knows if or when the U.S. might raise the baseline. Or set higher tariffs on specific industries like pharmaceuticals and semiconductors,” Wong warned. “What we do know is that there will be more trade barriers in the world. That means small and open economies like us will feel the squeeze.”

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Source: Government of Singapore