Singapore July Non-Oil Exports Drop 4.6%, Far Below Forecast

Singapore’s non-oil domestic exports contracted 4.6% in July from a year earlier, reversing a revised 12.9% jump in June and undershooting the 1.8% decline economists expected, Enterprise Singapore data showed on Monday. On a seasonally adjusted basis, shipments fell 6.0% from the previous month. The slide was led by a 42.7% plunge in exports to the United States, where pharmaceutical sales tumbled more than 90%. Shipments to China dropped 12.2% and those to Indonesia fell 32.2%, while exports to the European Union, Taiwan, South Korea and Hong Kong rose. By product category, electronics deliveries eked out a 2.8% rise, supported by personal computers and integrated circuits, but non-electronics exports shrank 6.6% as pharmaceuticals fell 18.9% and petrochemicals slid 23.4%. Enterprise Singapore kept its 2025 NODX growth forecast at 1–3%, warning that renewed tariff uncertainty and weakening global demand could weigh on trade in the second half. The government last week raised its full-year GDP outlook to 1.5–2.5% after a stronger-than-expected first half.