Singapore’s non-oil domestic exports fell 3.5% in May from the same month a year earlier, government data showed on Tuesday, bucking analyst estimates as shipments to the United States fell sharply a month after Washington announced tariffs.
The fall compared with a Reuters poll forecast of 8.0% year-on-year growth, and followed a 12.4% rise in April. Shipments of electronics rose slightly but petrochemicals, non-monetary gold and specialised machinery fell.
Maybank economist Brian Lee said that an earlier boost to exports due to frontloading appears to be cooling, as seen in the 20.6% decline in exports to the United States from a year earlier after five months of expansion. He said that the fall could have been exacerbated by a high year-ago base.
Exports to Taiwan, Indonesia, South Korea and Hong Kong increased in annual terms in May, while exports to the U.S., Thailand and Malaysia decreased.
The outlook for the financial hub remains uncertain as global trade is expected to slow because of tariffs imposed by the United States. Singapore downgraded its GDP forecast for 2025 to 0% to 2% from 1% to 3% in April, with officials saying the city-state faces a risk of recession and job losses.
Trade minister Gan Kim Yong said in May that while the U.S. was not going to budge on the 10% tariff imposed on Singapore, the nation was negotiating for concessions on pharmaceutical tariffs that President Trump has threatened to implement.