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Singapore Key Exports May Shrink in 2025 Amid Global Trade Chaos: Economists
April 18, 2025
|The Straits Times
Latest data shows Nodx growth slowed in March ahead of Trump's tariff salvo
Several economists have lowered their forecasts for Singapore's key exports, expecting them to shrink in 2025 as the economy confronts the global trade chaos sparked by US President Donald Trump's tariff barrage.
Enterprise Singapore, which released the latest March data for non-oil domestic exports (Nodx) on April 17, noted that it is "actively monitoring the evolving tariff situation and will adjust the Nodx forecast for 2025 as necessary to reflect the changing market conditions".
The trade agency had forecast in February that Nodx would rise by 1 per cent to 3 per cent in 2025, after eking out 0.2 per cent growth in 2024.
Its latest data showed growth in key exports slowed in March ahead of Mr Trump's April 2 announcement of global tariffs that triggered an escalating trade war with China.
Shipments in March rose 5.4 per cent year on year, worse than expected and lower than the 7.5 per cent increase in February. Analysts polled by Reuters had forecast growth of 14.1 per cent.
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