Singapore key exports slip in July as US shipments tumble 42.7 pct

Singapore’s non-oil domestic exports slipped 4.6 percent in July from a year earlier, government data showed Monday, as shipments to the United States plunged by more than 40 percent.

Southeast Asia’s second-largest economy is heavily reliant on international trade and is vulnerable to any global slowdown induced by the tariffs — even if Singapore only faces a baseline 10 percent levy from US President Donald Trump.

On August 6, Trump announced a 100 percent tariff on chips from firms that do not invest in the United States, and threatened levies of up to 250 percent on pharmaceutical imports.

The 42.7 percent July contraction in main exports to the US — Singapore’s biggest market — was largely caused by a 93.5 percent decline in pharmaceutical shipments, the government body Enterprise