Singapore Non-Oil Exports Surge, Tariff Risks Loom

Singapore's non-oil domestic exports (NODX) rose 13% year-on-year in June 2025, reversing a decline in May and strongly surpassing forecasts. The growth was fueled by major increases in electronics, such as personal computers and integrated circuits, and a sharp jump in non-monetary gold exports. Although exports grew 5.2% in the first half of 2025, officials warn this rebound may be short-lived due to looming US tariffs and global trade risks. US tariffs could escalate to 20-50% for some countries starting August 1, and Singapore currently faces a 10% baseline US tariff announced in April. Singapore's Trade Minister plans to visit the US to seek tariff concessions, particularly for pharmaceutical exports. Enterprise Singapore will update its NODX forecast in August to reflect changing market conditions.