Singapore’s non-oil domestic exports jumped 13.0% year-on-year in June,

• far exceeding the 5.0% rise forecast in a Reuters poll
• follows a 3.9% decline in May
• Over the first half of 2025, non-oil exports rose 5.2% year-on-year.

Driven by strong gains in shipments of PCs (+53.8%), integrated circuits (+17.5%), and non-monetary gold (+211.9%).

Exports rose to markets including Hong Kong, Taiwan, and South Korea, while falling to Japan, Indonesia, and the U.S.

Despite the upbeat data and stronger-than-expected 4.3% GDP growth in Q2, Trade Minister Gan Kim Yong warned that rising U.S. tariffs and fading front-loading effects could weigh on growth in the coming months. Singapore has so far avoided new U.S. tariff hikes but remains subject to a 10% baseline duty introduced in April. Minister Gan plans to visit Washington later this month to seek concessions for pharmaceutical exports.

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