June 2025 NODX jumps 13% YoY: Singapore beats forecasts as PCs, ICs, and gold shipments climb

SINGAPORE: Singapore’s non-oil domestic exports (NODX) jumped 13% year-on-year (YoY) in June, beating analysts’ expectations, amid stronger shipments of personal computers (PCs), integrated circuits (ICs), and non-monetary gold, Reuters reported, citing data released by Enterprise Singapore on Thursday (Jul 17).

A Reuters poll had forecast 5% annual growth, following a revised 3.9% decline in May.

Exports of electronics such as ICs and PCs expanded by 17.5% and 53.8%, respectively, while non-electronic products, like non-monetary gold and specialised machinery, grew by 211.9% and 31.4%, respectively.

Enterprise Singapore did not provide details of the month-on-month (MoM) seasonally adjusted figures.

In June, exports to Hong Kong grew the most, rising 54.4% from a year ago. Shipments to South Korea, Taiwan, and China also went up by 33%, 28.3%, and 8.5%, respectively.

However, exports to the United States dropped by 4.8%; the same went for exports to Japan (-3.4%), Indonesia (-13.6%), Malaysia (-8.0%), Thailand (-19.8%), and the European Union (-23.6%).

For the first half of 2025, Singapore’s NODX rose 5.2% YoY.

According to Channel News Asia (CNA), citing advance estimates from the Ministry of Trade and Industry (MTI), Singapore’s economy grew 4.3% YoY in Q2. However, Trade Minister Gan Kim Yong warned that new US tariffs and a diminishing front-loading effect could weigh on the economy’s growth over the next six to 12 months.

Earlier this month, US President Trump began telling trade partners, including key Asian allies Japan and South Korea, of higher tariffs of up to 50% from Aug 1. Singapore has not yet received a new notice from Washington but remains under the 10% baseline tariff announced in April. Meanwhile, Vietnam and Indonesia have secured lower rates through separate deals with the US.

Enterprise Singapore said it is actively monitoring the evolving tariff situation and will adjust the 2025 NODX forecast as necessary to reflect changing market conditions. /TISG

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