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SINGAPORE: Singapore's non-oil domestic exports (NODX) rose 12.4 per cent in April from the same month a year earlier, government data showed on Friday (May 16), well ahead of analyst estimates and a bright spot for an economy heavily exposed to global trade uncertainty.
The rise compared with a Reuters poll forecasting year-on-year growth of 4.3 per cent, and followed a 5.4 per cent rise in March.
Electronics exports grew 23.5 per cent year on year, almost double the 12.2 per cent growth in March. PCs, integrated circuits and disk media contributed the most to the expansion, according to data released by Enterprise Singapore.
Non-electronics exports grew 9.3 per cent in April, higher than the 3.7 per cent increase in March.
Among Singapore's top 10 markets, NODX expanded to all but two destinations.
Overall shipments to China fell by 17 per cent year-on-year in April compared with a 29.5 per cent drop in March.
NODX to Malaysia fell 1 per cent compared with a 12.4 per cent expansion in March.
Exports to the US showed moderated year-on-year growth of 1.2 per cent from the figure of 6.2 per cent in March, while exports to Indonesia surged 111.2 per cent compared with the figure of 62.9 per cent in March.
Exports to Taiwan, South Korea, Hong Kong, Thailand, Japan also increased in annual terms in April.
The outlook for Singapore remains uncertain as global trade is expected to slow under tariffs enacted by the United States.
Selena Ling, an economist at Singapore bank OCBC, said that April's high exports could be a sign of customers attempting to get ahead of any rise in global trade tensions, especially as the tariffs set by US President Donald Trump exempted electronics.
"With the 90-day suspension of the reciprocal tariffs and various ongoing trade negotiations, these few months could be a relief window where front-loading potentially continues until there is better clarity," she said.
"Something to watch is the softening of (non-oil domestic exports) to the US across both electronics and non-electronics."
As one of the world's most open economies, Singapore is often seen as a bellwether for global growth as its international trade dwarfs its domestic economy. Singapore announced an "economic resilience" task force last month to deal with the trade fallout and the government said it cannot rule out a recession.
It also downgraded its GDP forecast to 0 per cent to 2 per cent from 1 per cent to 3 per cent previously.
Details of the month-on-month seasonally adjusted change in exports were not included in EnterpriseSG's statement.
EnterpriseSG said it "is actively monitoring the evolving tariff situation" and could adjust Singapore's 2025 NODX forecast amid changing market conditions.
