Singapore June export data shows easing in front-loading, payback likely in H2, say economists

[SINGAPORE] A front-loading of exports ahead of the US tariffs kicking in may have helped to lift Singapore’s second-quarter economic growth, but the re-export numbers for June suggest that the effect has waned, economists have said.

This is even as Singapore’s non-oil domestic exports (NODX) surged 13 per cent year on year, reversing May’s 3.9 per cent decline, data from Enterprise Singapore (EnterpriseSG) showed on Thursday (Jul 17). The figure surpassed analysts’ expectations of a 5 per cent increase, based on a Bloomberg poll.

Yet, several economists pointed out that non-oil re-exports (NORX) is the more telling indicator this time.