The result came well above the 4.3% year-on-year increase forecast in a Reuters poll and reflected solid demand from key trading partners including the U.S., Japan, and regional economies such as Taiwan and South Korea. However, exports to China and Malaysia declined.
Despite the upside surprise, the broader outlook remains clouded by escalating global trade tensions, particularly in light of new tariffs imposed by the United States. Singapore, whose economy is heavily reliant on external trade, has been flagged as vulnerable to a global slowdown. In response, the government recently formed an economic resilience taskforce and warned that a recession cannot be ruled out. Last month, it revised its full-year GDP forecast down to a range of 0% to 2%, from a previous 1% to 3%.
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