Singapore’s exports rose 6.9% y/y in September, beating expectations for a 2.1% fall.
Gains were led by electronics and shipments to China, Hong Kong and Taiwan.
US-bound exports fell 9.9% amid new American tariffs.
Government still expects 1–3% export growth for 2025, with slower momentum ahead.
Pharma tariff implementation delayed pending negotiations.
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Singapore’s non-oil domestic exports (NODX) jumped 6.9% year-on-year in September, a much stronger performance than economists had expected, thanks largely to a rebound in electronics shipments, according to data from Enterprise Singapore.
- expected -2.1%, prior -11.5%
For the m/m, +13.0%
- expected +9.0%, prior -8.9%
Export gains were driven by stronger demand from Hong Kong, Taiwan and China, while shipments to the EU, US and Indonesia fell.
Exports to the United States dropped 9.9% from a year earlier after falling nearly 30% in August, reflecting the impact of the 10% tariff Washington imposed on Singaporean goods.
Authorities said earlier that front-loading of shipments ahead of U.S. tariffs supported trade in the first half of the year, but warned of slower growth ahead.
