Overview:
- Singapore’s key exports fell 4.6% in July, reversing June’s rebound and missing economists’ expectations.
- Shipments to the US plunged 42.7%, marking the steepest decline among major trading partners.
- Analysts attribute the slump to front-loading ahead of potential US tariffs on semiconductors and pharmaceuticals.
- Enterprise Singapore maintained its full-year growth forecast at 1% to 3% despite rising trade uncertainty.
- Economists warn that escalating trade barriers could further pressure Singapore’s export performance in the coming months.
Singapore’s key exports fell sharply in July, reversing June’s rebound, as shipments to the US plunged 42.7%. Non-oil domestic exports contracted 4.6% year on year, worse than the 1% decline economists expected. Analysts attribute the slump to front-loading ahead of US tariffs and warn that potential levies on semiconductors and pharmaceuticals could deepen the downturn. The SEO key phrase Singapore key exports signals growing vulnerability, with economists predicting more pressure on Singapore key exports in the second half of 2025. Enterprise Singapore maintained its forecast at 1% to 3% growth, but uncertainty looms over Singapore key exports amid escalating trade barriers.
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Guest’s Ideas:
Selena Ling
Chief Economist & Head, Global Markets Research & Strategy
OCBC Singapore
Selena Ling, Chief Economist & Head, Global Markets Research & Strategy at OCBC Singapore, brings over two decades of extensive experience in economic and financial analysis. She has been with OCBC since August 2000, leading global markets research and strategy, and heading treasury research. Before her significant tenure at OCBC, Ms. Ling contributed to public service as an Assistant Director in the Fiscal Policy Division at Singapore’s Ministry of Finance and the Economics Division at the Ministry of Trade and Industry. An alumna of the London School of Economics and the National University of Singapore, holding a Master of Social Sciences in Applied Economics, her expertise includes policy analysis and economic research. She is also recognised as an Institute of Banking & Finance Fellow.
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