Singapore's exports surged again in April despite Persian Gulf turmoil and trade tariffs, as electronics shipments propelled the city-state's outbound shipments to an all-time monthly zenith.
Total Singapore merchandise exports rose 31.8% on year, reported Enterprise Singapore on Monday.
Singapore's non-oil domestic exports, a measure of domestically manufactured products, rose 24.5% on year in April, led by the sale of tech goods.
Singapore's outbound shipments of domestically produced electronics goods rose 66.7% on year in April, while integrated circuits exports expanded by 82.7% on year, disk media by 148.9%, and personal computers by 35.7%.
The city-state's non-electronic domestic exports rose by 10.9% on year in April, led by pharmaceutical shipments, up 97.1% on year; specialized machinery, up 23.6%, and measuring instruments, which rose 60.5% on year.
By nation, Singapore's non-oil domestic exports rose 59.6% on year in April to the U.S., by 37.8% to China, 71.2% to South Korea, 63.2% to Hong Kong, and 33.5% to Taiwan, which are the city-state's largest export markets.
Singapore, an international trading hub, also reports on non-oil re-exports, which are imported goods that are shipped back out without significant domestic fabrication.
The city's non-oil re-exports grew by 29.6% in April, also led by electronics.
Singapore's re-exports of chips rose 38.6% on year in April, while PC shipments rose 152.1% and exports of telecommunications equipment rose 86.9%.
On imports, Singapore's total inbound merchandise shipments reached S$76.0 billion in April, up 34.7% on year.
The rising export and import figures in April are generally good news for trade-dependent Singapore, considered a regional commercial and financial hub.
Citing strong trade, the Singapore Ministry of Trade and Industry (MTI) in February boosted its gross domestic product (GDP) growth forecast for the city-state to 2% to 4% for 2026, from the previous 1% to 3%.
The robust April trade figures may indicate that Middle East hostilities, including the closure of the vital Strait of Hormuz waterway, have yet only a tempered impact on Singapore's import and export picture.
However, in mid-April, the city's central bank, the Monetary Authority of Singapore (MAS), warned that as a result of the Strait of Hormuz snag, "accumulated energy supply shortfalls and higher input costs will continue to weigh on the outlook for the Singapore economy."
Higher fuel bills will exert a drag on margins in energy-dependent industries such as petrochemicals and transport, and as Singapore's imported costs rise, "profitability in more sectors will be impacted," added the MAS.
