Singapore Non-oil Domestic Exports (NODX) -11.30% y/y in August
expected +0.1%, prior -4.7%-8.9% m/m (prior -6%)declines across both electronics and non-electronics shipmentsexports to the U.S., China and Indonesia fell sharply, including a 28.8% drop to the U.S. where Singapore faces a 10% tariff despite its free-trade agreementThe weakness highlights pressure from U.S. trade measures, which are also affecting Singapore indirectly via its partners.
Authorities warn growth will slow in the second half after front-loaded gains earlier this year, though Enterprise Singapore still projects 1%–3% non-oil export growth for 2025.
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