09:05:19
Singapore's exports continued to decline in August. Singapore's non-oil domestic exports fell for the second consecutive month in August, indicating that the impact of frontloading as US tariffs took effect continued to wane. Enterprise Singapore said Wednesday that the trade-reliant economy's non-oil domestic exports fell 11.3% from a year earlier. This compares to a revised 4.7% contraction in July, compared with a 1.1% growth forecast by a Wall Street Journal survey of nine economists. The decline in exports suggests that the boost to exports earlier this year from frontloading shipments to beat US President Trump's tariff deadlines has faded. Electronics exports, a key driver of Singapore's economic growth, fell 6.5% year-on-year in August, after a revised 2.7% increase in July. Non-electronics exports fell 13% year-on-year last month, after a revised 6.7% contraction in July. Non-oil domestic exports to the United States, China, and Indonesia contracted in August, while they rose to the EU-27 and South Korea. The government agency said exports of special machinery, food preparations and petrochemicals shrank by 29.1%, 51.4% and 23.2% respectively, with the biggest impact on the decline in non-electronics non-oil domestic exports. Enterprise Singapore said it is actively monitoring the evolving tariff situation and will adjust its 2025 non-oil domestic export forecasts, if necessary, to reflect changing market conditions.