Singapore's non-oil domestic exports -3.5% y/y in May

  • expected +8.0%, prior +12.4% in April

Exports to Taiwan, Indonesia, South Korea and Hong Kong increased y/y in May

  • exports to the United States, Thailand and Malaysia decreased

Singapore downgraded its GDP forecast for 2025 to 0% to 2% from 1% to 3% in April.

Singapore exports 18 September 2023
Source: Forex Live