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Singapore’s Non-Oil Exports Fall 3.5% in May as US Shipments Plunge

The unexpected downturn has prompted a revision of the 2025 GDP growth forecast to as low as zero percent in response to rising trade tariff uncertainties.

A container ship passes a car cargo ship at a port terminal in Singapore February 20, 2025. REUTERS/Edgar Su/File photo
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Overview

  • May’s non-oil domestic exports contracted 3.5% year on year, defying analyst expectations of an 8% increase.
  • Exports to the United States plunged 20.6% in May, reversing April gains and driven by steep declines in specialised machinery, food preparations and miscellaneous manufactured articles.
  • Non-electronics shipments fell 5.3%, with petrochemicals down 17.8% and non-monetary gold down 25.9%, while overall electronics exports grew a modest 1.7%.
  • Electronics growth was led by personal computer shipments up 50.9%, consumer electronics up 49% and chip exports up 4.3%.
  • Despite May’s setback, key exports are still up 3.7% in the first five months of 2025, but policymakers have downgraded the full-year GDP outlook to between 0% and 2% due to persistent tariff uncertainties.