Singapore Exports

The effective US tariff rate on Singapore's exports rose to 7.8% in June 2025, up from 6.8% in April, the Monetary Authority of Singapore (MAS) said in a report on Wednesday. The central bank attributed the increase to the doubling of US tariffs on steel and aluminium to 50% in June. These two commodities account for 4.1% of Singapore's exports to the United States. Separately, data from Enterprise Singapore showed that non-oil domestic exports (NODX) surged 13% year-on-year in June, sharply rebounding from a 3.9% decline in May. This marked the strongest expansion in NODX since July 2024, driven by increases in both electronic and non-electronic exports. However, shipments to the US fell 4.8%, weighed down by the newly imposed American tariffs. Meanwhile, Singapore’s total exports declined to SGD 58.7 billion in June from SGD 59.2 billion in May.