Merchandise trade rises 4.9% YoY in Q1 2025

This growth is driven by increases in both exports and imports.

Singapore’s total merchandise trade grew 4.9% year-on-year (YoY) in Q1 2025 as exports and imports registered growth, EnterpriseSG reported.

Total exports grew 3.6%, driven by non–oil exports which rose 6.7% whilst oil imports dropped 10.0%. Total imports rose by 6.4%.

Total services trade increased by 3.8% YoY as services exports and imports rose by 4.0% and 3.7%, respectively.

Services exports increased by 4.0% mainly due to higher receipts from financial services (+7.7%), other business services (+3.7%), and transport services (+2.1%).

According to EnterpriseSG, non-oil domestic exports (NODX) are expected to weaken in H2 2025 amidst an evolving tariff situation. The 2025 NODX forecast is maintained at “+1.0% to +3.0%”.

“Notwithstanding the recent US-China trade tension de-escalation, downside risks could intensify after the 90-day reciprocal tariff reprieve expires. These include a weaker-than-expected demand from key partners and moderation of growth in key products,” EnterpriseSG said.

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