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Singapore’s non-oil domestic exports (NODX) jumped 12.4% year-on-year in April 2025, far surpassing analysts’ expectations of a 4.3% increase, according to data released by Enterprise Singapore. This marks a strong rebound from March’s 5.4% gain and signals resilience in the trade-dependent economy despite rising global uncertainty.
The strong performance was attributed to a broad-based rise in both electronics and non-electronics shipments. Economists suggest the export surge may reflect front-loading by global buyers amid concerns over escalating trade tensions and tariff risks, especially following the U.S. administration’s recent tariff policies under President Donald Trump. Electronics, notably exempt from some of the tariffs, appear to have benefited from this window of opportunity.
OCBC Bank’s chief economist Selena Ling noted that buyers could be advancing orders to avoid potential disruptions, taking advantage of a temporary reprieve offered by a 90-day suspension of reciprocal tariffs and ongoing trade negotiations. However, she warned of possible softening in shipments to the U.S., particularly in electronics, if tensions persist.
Exports rose to key partners including the U.S., Japan, Taiwan, South Korea, Hong Kong, Indonesia, and Thailand. However, shipments to Malaysia and China declined, highlighting uneven trade dynamics in the region.
Despite the positive April data, Singapore’s outlook remains cautious. The government recently downgraded its 2025 GDP growth forecast to a range of 0% to 2%, from 1% to 3% previously. Authorities also launched an ‘economic resilience’ taskforce to mitigate risks from prolonged trade disruptions. Given Singapore’s high trade-to-GDP ratio, the city-state is widely seen as a barometer for global economic health.
No month-on-month seasonally adjusted export figures were released in the latest report.
