Singapore’s Export Growth Expected to Ease in April Amid Slower Industrial Output

Singapore’s Export Growth Likely Slowed in April as Industrial Output Weakens

Singapore’s non-oil domestic exports (NODX) likely grew at a slower pace in April, signaling a cooling in external demand and production momentum, according to a survey of economists by The Wall Street Journal.

The median estimate of eight economists points to a 4.35% year-on-year increase in NODX for April, easing from the 5.4% growth recorded in March. The moderation aligns with recent trends in industrial production, which has shown signs of softening over the past few months.

Economists attribute the expected slowdown to several factors. One is the fading effect of frontloading—where businesses rushed to fulfill export orders ahead of anticipated tariff hikes, particularly in the electronics and manufacturing sectors. With that temporary boost now behind, export growth is expected to normalize.

“The slowdown in April reflects more than just seasonal shifts,” said one economist familiar with Singapore’s trade dynamics. “It highlights a broader pullback in global manufacturing demand and ongoing uncertainty around trade policy and supply chains.”

Singapore’s export sector, while resilient, remains highly sensitive to fluctuations in global demand and geopolitical developments. The electronics industry, a key component of NODX, has shown mixed signals in recent months, influenced by cyclical headwinds and shifting consumer technology trends.

The official trade data for April is due to be released this Friday and will be closely watched by analysts for further clues about the health of Singapore’s export-driven economy.

While the full-year outlook for exports remains cautiously optimistic, analysts warn that ongoing trade frictions, sluggish industrial output, and macroeconomic uncertainty in key markets such as China, the US, and the EU could limit upside momentum.