Singapore’s non oil exports slumped in August, very disappointing miss on estimates

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 shipments
• exports 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 agreement

The 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.

This article was written by Eamonn Sheridan at investinglive.com.