Overview

• Singapore’s non-oil domestic exports declined 4.6% year-on-year in July, missing forecasts for a 1.8% contraction.
• Shipments to the United States fell 42.7%, largely reflecting a 93.5% plunge in pharmaceutical exports.
• Electronics exports ticked up in July, driven by gains in personal computers and circuit boards, while other non-electronics categories registered declines.
• After a stronger first half boosted by front-loaded shipments, the government raised its full-year GDP growth forecast to 1.5%–2.5%.
• Policy makers warn that fading export front-loading and ongoing U.S. tariff uncertainty could dampen growth in the second half of the year.