Singapore’s September exports hint at green shoots, but geopolitical tensions raise risks

SIGNS of a nascent recovery have emerged in Singapore’s key exports, economists said, with September data having showed a slowdown in the pace of contraction.

Their cautious optimism was fuelled in part by a rebound in non-oil domestic exports (NODX) to three of the city-state’s top 10 markets – China, Hong Kong and the US.

In particular, exports to China jumped 26.2 per cent year on year (yoy), in the best showing since December 2021, and reversing the 19.3 per cent contraction in August. Shipments to Hong Kong surged 55 per cent yoy in September, also a turnaround from the 5.9 per cent fall previously.