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Singapore exports tipped for slower growth after worse-than-expected contraction in July

But some economists believe the relatively lower US tariff rate that the Republic faces, along with growing electronic demand, could mitigate any slowdown

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Sharon See

Sharon See

Published Mon, Aug 18, 2025 · 06:10 PM
    • The 4.6% year-on-year decline in NODX in July is a sharp contrast from the revised 12.9% jump clocked in June.
    • The 4.6% year-on-year decline in NODX in July is a sharp contrast from the revised 12.9% jump clocked in June. PHOTO: AFP

    [SINGAPORE] The Republic is poised for slower export growth in the second half of 2025, economists said, after last month’s numbers came in worse than expected.

    Non-oil domestic exports (NODX) shrank 4.6 per cent year on year in July, in a sharp contrast from the revised 12.9 per cent jump clocked in June, data from Enterprise Singapore (EnterpriseSG) showed on Monday (Aug 18).

    The decline was also deeper than the 1 per cent contraction that private-sector economists polled by Bloomberg were expecting.

    Singapore economySingapore NodxTradeTrump tariffsUS tariffs

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