Market Chatter: Singapore's Key Exports Likely to Shrink in 2025
Singapore's key exports are expected to decline in 2025 as economists adjust their forecasts due to US tariffs. Enterprise Singapore is monitoring the situation and may revise its predictions. DBS Bank's Chua Han Teng noted that the revised export forecast aligns with a weaker GDP growth outlook. RHB Bank's Barnabas Gan has lowered his growth forecast to 0%, while OCBC Bank's Selena Ling reduced her Nodx forecast to -1% to 1%, down from 2% to 4%.
Singapore's key exports are likely to shrink in 2025 with several economists lowering their forecasts, mainly due to US President Donald Trump's across-the-board tariffs, according to a report by the Straits Times on Thursday.
Enterprise Singapore, in its recent data for non-oil domestic exports, said that it is "actively monitoring" the tariff situation and will revise its forecasts based on market conditions, the report said.
According to Chua Han Teng, a senior economist at DBS Bank, the revised Enterprise SG's export forecast is in line with the weaker 2025 GDP growth outlook, the news outlet noted.
Meanwhile, Barnabas Gan, group chief economist at RHB Bank, lowered his full-year growth forecast to 0% from 2% with downside risks, according to the report.
Similarly, Selena Ling, a chief economist at OCBC Bank, slashed her Nodx forecast to a range of -1% to 1%, down from an initial forecast of 2% to 4%, The Straits Times said.
In the latest data, the trade agency had forecasted Nodx to rise between 1% and 3%, the report added.
Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.
