Singapore Non-Oil Exports Surge 12.4% in April, Exceed Forecasts

Singapore's non-oil domestic exports (NODX) surged 12.4% year-on-year in April, significantly exceeding analysts' forecasts of around 4%, marking the fastest growth in nine months and a strong rebound from March's 5.4% increase. This robust export performance was driven by a broad-based rise in electronics, which grew 23.5%, and non-electronics exports, which increased 9.3%, with key contributions from personal computers, integrated circuits, and disk media products. The export growth reflects possible front-loading by global buyers amid ongoing trade tensions and tariff concerns, particularly related to U.S. trade policies, with shipments rising to partners like the U.S., Japan, Taiwan, and South Korea, while shipments to Malaysia and China declined. Despite the positive export data, Singapore's government has lowered its 2025 GDP growth forecast to 0-2% due to global uncertainties, and authorities have launched an economic resilience taskforce to address potential prolonged trade disruptions. Economists caution that if trade tensions persist, especially with the U.S., export momentum—particularly in electronics—may soften. Singapore's export performance remains a key indicator of global economic health given its high trade-to-GDP ratio.