In February 2025, Singapore’s non-oil exports rose by 7.60% year-on-year, falling short of the expected 8.70% growth. This marks a recovery from the previous year’s decline of 2.10%.
Both electronics and non-electronics sales contributed to this growth. Year-on-year exports increased to the U.S., Taiwan, South Korea, Malaysia, and the European Union, while there were declines in exports to China, Hong Kong, and Indonesia.
Monetary Authority Of Singapore Meetings
The Monetary Authority of Singapore holds meetings twice a year, scheduled for April and October. The upcoming meeting in April will conclude on Wednesday, 14th.
The latest rebound in overseas shipments shows a recovery in trade, albeit at a slightly slower pace than anticipated. A 7.60% rise, while an improvement on last year’s downturn, still lags behind projections of 8.70%. This suggests external demand remains firm but not as strong as analysts had hoped. The variations across different markets further highlight shifting patterns in global trade.
A breakdown of the figures shows broad-based support from both electronics and non-electronics industries. Increased shipments to the United States, Taiwan, South Korea, Malaysia, and the European Union suggest demand from these regions has provided a lift, despite other economies showing weaker activity. Exports to China, Hong Kong, and Indonesia declined, potentially reflecting softer consumption or inventory adjustments in these areas.
With the Monetary Authority of Singapore’s next policy meeting set for mid-April, attention will turn to how policymakers interpret these trade developments. Adjustments to monetary settings occur just twice a year, in April and October, giving each decision added weight. Given the recent upswing in trade volumes, discussions will likely factor in the durability of this momentum and how it fits within broader economic conditions.
Trade Growth And Global Challenges
The gap between actual and expected trade growth will be closely assessed when considering inflationary pressures, currency movements, and external headwinds. While some regions are seeing an upturn in demand, the uneven distribution suggests ongoing complexities in global supply chains and shifting competitiveness among key trading partners.
April’s meeting will conclude on Wednesday the 14th, at which point markets will gain further insight into the authority’s stance. The latest data underscores the need to assess whether this rebound is part of a sustained trend or a temporary bounce affected by external factors.
