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Singapore’s Export Growth Slows in March as US Tariff Risks Loom

Non-oil domestic exports grew 5.4% year-on-year in March, falling short of expectations, with authorities signaling potential forecast adjustments for 2025.

A container ship passes in the waters south of Singapore November 17, 2020. REUTERS/Edgar Su/File Photo
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Overview

  • Enterprise Singapore reported a 5.4% year-on-year growth in non-oil domestic exports (NODX) for March, significantly below the 14.1% growth analysts had forecast.
  • Shipments to China, Singapore’s largest export market, dropped sharply by 29.4%, marking a continued drag on export performance.
  • Electronics exports rose 11.9%, driven by strong demand for personal computers, disk media products, and integrated circuits, while non-electronics exports grew 3.8%, led by non-monetary gold and pharmaceuticals.
  • Exports to Taiwan, Indonesia, and South Korea showed robust growth, with increases of 45.7%, 63%, and 21.6%, respectively, offsetting declines in other major markets.
  • Enterprise Singapore confirmed it is closely monitoring the evolving US tariff situation and may revise its 2025 NODX growth forecast of 1–3% in response to changing market conditions.