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US-China trade rerouting drives record 44.7 million TEUs in 2025

However, monthly momentum eased from 10.9% to 10.3% in December.

Singapore’s container throughput reached a record high of 44.7 million twenty-foot equivalent units (TEUs) in 2025, driven primarily by trade rerouting and transhipment activity resulting from US-China trade frictions.

The annual total represents a significant increase from the 41.1 million TEUs recorded in 2024, according to a Nomura report.

Nomura estimates Singapore’s realised US tariff rate to be around 3%, amongst the lowest in the region.

December throughput increased by 10.3% year-over-year to 3.9 million TEUs, down from the 10.9% high seen in November. The growth was attributed to rising transhipment and re-routing activity.

“We reiterate our 2026 GDP growth forecast of 3.7%, above the government’s 1-3% and the consensus at 2.5%,” the report added.

Beyond trade-related services, additional support is expected to come from stronger manufacturing output driven by the technology cycle and continued construction activity.

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