S'pore Key Exports Surprise With 13% Rebound in June

Firms likely front-loaded orders ahead of US tariff hikes; trade outlook remains murky

- Sue-Ann Tan

Singapore's key exports enjoyed a surprisingly strong rebound in June, reversing their fall in May, as businesses likely front-loaded orders ahead of threatened US tariff increases.

Despite June's outperformance, analysts said the trade outlook remains murky, depending on eventual tariff rates that Singapore and its trading partners will face from the US.

US President Donald Trump's tariff pause deadline was extended from July 9 to August 1, but continues to darken the trade outlook for Singapore, which is currently subject to a 10 per cent baseline duty.

Non-oil domestic exports (Nodx) expanded 13 per cent in June from a year ago, after a revised 3.9 per cent decline in the previous month, data from Enterprise Singapore (EnterpriseSG) on July 17 showed.

This beat the expectations of analysts polled by Reuters, who forecast a rise of 5 per cent.

For the first six months of 2025, exports rose 5.2 per cent.

EnterpriseSG said it is actively monitoring the evolving tariff situation and will adjust its 2025 forecast for key exports as necessary to reflect changing market conditions.

The next forecast will be released in August, it added.

The agency had said in its May quarterly trade review that it expects growth in key exports to come in at the lower end of its 1 per cent to 3 per cent forecast for 2025.

Mr. Trump, who has sent more than 20 letters to trading partners outlining the tariff rates for different countries, has yet to send a letter to Singapore.