Decline in Singapore's Exports by 11.3% in August: US Tariffs and Sluggish Chinese Demand Impact Shipping
Singapore's exports took a significant hit in August 2025, according to official figures. The decline was observed across various sectors, with integrated circuits, non-monetary gold, food preparations, and disk media products seeing the most significant drops.
Integrated circuits exports to China shrank by 36.8%, while exports of non-monetary gold plunged by 96.1%. Specialised machinery shipments to the US and China also saw a significant decrease, with a 71.3% drop in shipments to the US and nearly 42% decline in shipments to China.
The decrease in exports was not limited to these specific items. Exports to China shrank by 21.5% in August, and exports to the United States fell by nearly 29%. This extended a 42.8% decline in July, for both electronic and non-electronic shipments.
The decline in Singapore's exports can be attributed to disruption to world trade and export supply chains caused by steep new US tariff measures. Relations between the US and China have been affected by trade tensions, resulting in tit-for-tat tariffs being imposed on each other.
China's softer economic growth and weaker retail sales in Q3 2025 were reflected in the country importing less from Singapore. Singapore, as South-east Asia's second-biggest economy, is heavily dependent on trade, making it vulnerable to such global economic shifts.
The overall exports from Singapore decreased by 11.3% year-on-year, but specific company names are not detailed. The sectors most affected in Singapore are not explicitly identified in the sources. Separately, the Swiss watch industry experienced significant export reductions to both the USA (down 23.9%) and China (down 35.6%) in August 2025, indicating the watchmaking sector was particularly impacted by trade tensions and tariffs. No direct data on Singaporean companies cutting exports to China were found.
Despite the decline in exports, Singapore's 2025 economic growth forecast was raised to 1.5 - 2.5%. However, the outlook for the rest of the year remains clouded by global uncertainty, in part due to US tariffs. The government will continue to monitor the situation closely and take necessary measures to support the economy.
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