Singapore's key exports, led by electronics, rebound 6.9% in September; much stronger than forecast

SINGAPORE: Singapore's non-oil domestic exports rose 6.9 per cent in September from the same month a year earlier, government data showed on Friday (Oct 17), led by a sharp rise in electronics shipments. Last month's export growth compared with a Reuters poll forecast of a 2.1 per cent contraction, and followed a revised fall of 11.5 per cent in August. 

Electronic product exports rose by 30.4 per cent year-on-year in September, following a 6.5 per cent decrease in the previous month, said Enterprise Singapore (EnterpriseSG) in a media release.

Integrated circuits, personal computers and disk media products grew by 34.9 per cent, 58.3 per cent and 42.9 per cent, respectively, contributing the most to the expansion, it added.

Non-electronic product exports grew by 0.4 per cent, after a 13.3 per cent contraction in August.

Non-monetary gold and specialised machinery contributed the most to the growth, rising by 82.7 per cent and 14.1 per cent respectively.

Among key markets, major contributors to the export growth were Hong Kong, Taiwan and China, while shipments to the European Union, the US and Indonesia declined, EnterpriseSG said. Singapore has been hit with a 10 per cent tariff rate by Washington and the country's exports to the US dropped by an annual 9.9 per cent in September after a 29.1 per cent fall in August.

Non-oil re-exports rose by 21.2 per cent in September, extending August's 12 per cent growth, with both electronics and non-electronic products growing.

Electronic re-exports expanded by 26.8 per cent in September, continuing the previous month's growth of 21.8 per cent.

EnterpriseSG attributed the expansion to integrated circuits, telecommunications equipment and personal computers, which grew by 33.7 per cent, 57.9 per cent and 93 per cent respectively.

Non-electronic re-exports grew by 13.3 per cent in September, following the 0.8 per cent increase in August. 

The growth in non-electronic re-exports was due to non-electric engines and motors, specialised machinery, and non-monetary gold, which grew by 40.1 per cent, 17.5 per cent and 30 per cent respectively, said EnterpriseSG.

The country's exports and imports grew at 14.9 per cent in September, following the 2.9 per cent increase in the preceding month.

Total exports grew by 15 per cent, after the previous month's 1.8 per cent increase, mainly driven by both non-oil and oil exports at 16.9 per cent and 4.7 per cent respectively.

Meanwhile, total imports rose by 14.8 per cent, after August's 4 per cent increase.

While Singapore's economy performed better than expected in the first half of the year due to the front-loading of exports and production to evade US tariffs, authorities have warned that growth is likely to slow in the second half. 

EnterpriseSG has forecast non-oil exports growth of 1 per cent to 3 per cent for the whole of this year, saying in August it expected some weakness in the second half of 2025.

Singapore is also bracing for the impact of sectoral tariffs, including one on pharmaceutical exports announced by US President Donald Trump in September. Minister of State for Trade and Industry Gan Siow Huang said on Tuesday that the implementation of the tariff has been delayed to allow companies to negotiate possible exemptions with the US administration.