Singapore’s March Exports Rise 5.4% Amid Tariff Concerns and Growth Forecast Cut

Singapore’s non-oil domestic exports (NODX) rose 5.4% year-on-year in March, according to Enterprise Singapore data released Thursday. The increase was driven by gains in both electronics and non-electronic shipments. However, the figure fell short of the 14.1% growth forecast by economists in a Reuters poll and marked a slowdown from February’s 7.6% rise.

The government did not provide a seasonally adjusted month-on-month breakdown, but key export destinations such as Taiwan, Indonesia, Hong Kong, Thailand, Japan, and South Korea recorded annual increases. In contrast, exports to China declined.

The growth in exports comes amid mounting economic uncertainty. Trade and Industry Minister Gan Kim Yong warned Wednesday that a recession could not be ruled out, citing risks posed by U.S. President Donald Trump’s ongoing tariff policies. Singapore, a trade-reliant city-state, remains vulnerable to global trade disruptions.

Prime Minister Lawrence Wong echoed these concerns, saying that the temporary three-month delay in the U.S. tariffs brought little relief and had already fueled significant global uncertainty. These remarks follow the Monetary Authority of Singapore’s decision on Monday to ease monetary policy for the second time this year in response to slowing economic momentum.

At the same time, the Ministry of Trade and Industry downgraded its 2025 economic growth outlook, adding to worries about Singapore’s near-term prospects. The cautious tone from top officials reflects broader concerns over weakening global demand and the potential impact of escalating trade tensions.

As the global economic landscape becomes increasingly volatile, Singapore’s export performance and policy responses will remain key indicators of resilience in Asia’s leading trade hub.