Review of 1Q 2025 Trade Performance

First published 22 May 2025 / Last updated 22 May 2025

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: Review of 1Q 2025 Trade Performance

MR No.: 022/25

Singapore, Thursday, 22 May 2025

Highlights

NODX

• Grew by 3.3% in 1Q 2025, extending the 2.4% growth in 4Q 2024.

NORX

• Rose by 8.3% in 1Q 2025, following the 14.2% expansion in the previous quarter.

Total Merchandise Trade

• Grew by 4.9% in 1Q 2025, following the 6.8% increase in 4Q 2024.

2025 NODX Forecasts

• NODX is expected to grow by “+1.0% to +3.0%” in 2025, with the lower bound of the forecast building in a weaker 2H 2025 outlook amidst an evolving tariff situation.

• Notwithstanding the recent US-China trade tension de-escalation, downside risks could intensify following the expiration of the 90-day reciprocal tariff reprieve.

Total Services Trade

• Increased by 3.8% in 1Q 2025, following the 7.4% rise in 4Q 2024.

Click here to read the full report.
Click here for infographic on the key statistics.