Decline in exports to the United States and China hampers Singapore's August shipping figures
Singapore's exports have taken a hit in August 2025, with various sectors reporting substantial decreases, according to data released by the government's Enterprise Singapore body.
The most affected sectors include specialised machinery and integrated circuits, with shipments to China falling by nearly 42% and 36.8% respectively. Exports of non-monetary gold to China also plummeted by 96.1%.
Rajiv Biswas, the chief executive of risk analytics firm Asia Pacific Economics, attributes these declines to several factors. One of the key contributors is China's softer economic growth and weaker retail sales in the third quarter of 2025, which led to a decrease in imports from Singapore.
The declines in exports were also seen in both electronic and non-electronic shipments from Singapore to the US. Disk media products exports tanked by 60%, while food preparations such as sauces fell by 97.1%. As a result, exports to the US from Singapore tumbled nearly 29%, extending a 42.8% decline in July 2025.
The outlook for the rest of 2025 remains clouded by global uncertainty, in part due to US tariffs. Singapore, as Southeast Asia's second-biggest economy, is heavily dependent on trade, and the ongoing trade tensions between the world's two biggest economies have taken a toll.
However, Singapore recently raised its 2025 economic growth forecast to 1.5% - 2.5%, from zero - 2%. This optimistic outlook is likely due to the country's resilience in the face of adversity and its ability to adapt to changing circumstances.
It is important to note that Singapore only faces a 10% baseline tariff from US President Donald Trump's measures. Nevertheless, the steep new tariff measures have disrupted world trade and export supply chains, contributing to the declines in exports.
The world's trade tensions began in 2018 and have led to tit-for-tat tariffs. These trade tensions have affected economies worldwide, with Singapore being one of the countries that have been impacted.
Despite the challenges, Singapore continues to be a major player in the global economy, and its government is working to mitigate the effects of the trade tensions on the country's economy. The declines in exports in August 2025 serve as a reminder of the ongoing challenges faced by Singapore and other countries in the global economy.
Read also:
- Condor Reveals Q2 Results for 2025 and Secures a $5 Million Bridge Loan
- More than half of British homes adhere to insulation standards established during the 1970s.
- While Éowyn's storm caused a massive €301 million in damages, fossil fuels maintain their position as the leading power source.
- Transition in Energy: Merz Administration Plans Enactment of Heating Revolution from 2026
