my country's NODX for major markets rose overall in the first quarter The authorities also maintained a forecast that non-oil exports will grow by 1% to 3% in 2025, noting that as the tariff situation changes, the lower limit is based on expecta...
my country's NODX for major markets rose overall in the first quarter
The authorities also maintained a forecast that non-oil exports will grow by 1% to 3% in 2025, noting that as the tariff situation changes, the lower limit is based on expectations of weak outlook in the second half of 2025.
"Despite recent easing of Sino-US trade tensions, downside risks may intensify after the end of the 90-day tariff exemption period."
The Singapore Enterprise Development Authority released its first quarter data on Thursday (May 22). The increase in exports of electronics and non-electronics products prompted my country's domestic non-oil exports to rise by 3.3% year-on-year in the first quarter, continuing the 2.4% increase in the fourth quarter of last year.
Electronic product exports increased by 9.5% in the first quarter, narrowing from the 14.2% increase in the last quarter of last year. The growth mainly comes from personal computers, integrated circuits and disk media products, with growth of 69.8%, 9.3% and 35.8% respectively.
Although the forecast range for the whole year of non-oil domestic exports remains at 1% to 3%, the risk of downward exports may intensify after the end of the 90-day tariff exemption period.
In terms of export market, my country's non-oil domestic exports to major markets rose overall in the first quarter, especially for Taiwan, the United States and Vietnam, up 125.7%, 53.3% and 25.9% respectively.
Non-electronics exports rose 1.8% year-on-year in the first quarter, and shrank by 0.7% in the previous quarter. The main reasons for the rise were non-monetary gold, ship structure and measuring instruments, which increased by 86.5%, 637.4% and 11.5% respectively.
