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Singapore: Non-oil domestic exports rebound in June
Latest reading: Non-oil domestic exports (NODX) soared 13.0% on an annual basis in June, following May’s 3.9% drop. June’s outturn marked the strongest result since July 2024. The rebound stemmed from an acceleration in electronics shipments due to stronger regional demand, particularly from Hong Kong, Taiwan and South Korea. Moreover, June marked an over 200% jump of shipments of non-monetary gold—rebounding from May’s decline. On the downside, NODX to the U.S. continued to decline in June.
In seasonally adjusted month-on-month terms, NODX increased 14.3% in June, following May’s 12.4% decrease.
Outlook: In the remainder of the year, Singapore’s goods exports will likely lose steam as order front-loading ahead of U.S. tariff hikes dissipates and global demand softens, especially if Singapore’s main partners are hit with substantial tariffs.
Panelist insight: EIU analysts said:
“We expect demand for imported goods from U.S. consumers to decline owing to higher prices following the end of the tariff pause. This will have a noticeable impact on Singapore, as the country plays a specialised role in high-value, midstream supply chains, with its exports particularly vulnerable to shifts in demand from developed markets, including the U.S.”
