Singapore exports slide 4.6pc in July, dragged by pharma slump and US tariff worries
Singapore's non-oil domestic exports declined 4.6% in July 2025, exceeding the predicted 1.8% contraction. This drop, led by pharmaceuticals, follows a revised 12.9% increase in June. Exports fell to the US, China, and Indonesia, but rose to the EU, Taiwan, South Korea, and Hong Kong. Despite raising its 2025 growth forecast to 1.5%-2.5%, the government anticipates slower growth in the second half due to waning frontloading ahead of US tariffs. Prime Minister Wong expressed concern over potential tariff increases, highlighting the vulnerability of small, open economies like Singapore to increasing global trade barriers.
