Singapore NODX Falls Less than Expected

Singapore’s non-oil domestic exports (NODX) rose 4.0% yoy in February 2026, easing from a marginally revised 9.2% gain in the prior month and falling short of market expectations of 4.9%. This marked the sixth straight month of expansion, but the slowest in the streak, partly reflecting distortions from the Lunar New Year period. Electronics exports remained a key driver, though growth moderated to 43.2% (vs 56.1%), supported by ICs (51.2%), disk media products (96.3%), and PCs (22.9%). In contrast, non-electronic NODX contracted more sharply at -6.9% (vs 3.1%), weighed down by declines in non-monetary gold (-27.4%), food preparations (-51.2%), and petrochemicals (-28.5%). By destination, shipments increased to South Korea (50.5%), Taiwan (31.1%), Hong Kong (21.7%), the EU (7.7%), and Malaysia (5.5%). However, exports fell to China (-1.5%), the U.S. (-44.8%), India (-15.1%), and Indonesia (-24.7%). Monthly, NODX grew 3.9%, accelerating from a marginally revised 0.6% rise in January.

Singapore’s non-oil domestic exports (NODX) rose 9.3% yoy in January 2026, accelerating from 6.1% in the prior month but missing market forecasts of 13.5%. The latest figure marked the fifth straight month of expansion in NODX, with exports of electronics quickening sharply (56.1% vs 24.9% in December) amid a low base a year ago and strong AI-related demand such as ICs (80.5%), disk media products (70.2%), and PCs (24.0%). In contrast, non-electronic NODX declined (- 3.0% vs 0.8%), dragged by specialised machinery (-15.6%), food preparations (-49.2%), and petrochemicals (-24.5%). NODX sales grew to China (37.1%), Hong Kong (34.0%), the EU (43.7%), Taiwan (34.2%), South Korea (31.6%), Malaysia (23.2%), and India (26.4%).In contrast, sales fell to the U.S. (-45.3%) and Indonesia (-16.9%). Monthly, NODX grew 0.7%, reversing a downwardly revised 8.8% rise in December.

Singapore’s non-oil domestic exports (NODX) climbed 6.1% yoy in December 2025, easing from a downwardly revised 11.5% rise in November and falling below forecasts of a 10% gain. This marked the softest pace since August, when NODX declined, due to a slowdown in non-electronic export growth. Non-electronic exports grew 0.8% yoy, easing sharply from 11.1% growth in November, boosted by rises in mechanical handling equipment (415.8%), non-monetary gold (73.3%), and specialised machinery (5.4%). Meanwhile, electronic exports jumped 24.9%, following a 12.9% rise in November, due to a surge in shipments of telecommunications equipment (81.5%), disk media products (53.5%), and ICs (32.1%). Exports grew to Taiwan (24.3%), China (17.9%), Malaysia (13.3%), and South Korea (12.9%). Conversely, exports shrank to the US (-36.6%), Indonesia (-27.9%), and Japan (-26.4%). Monthly, NODX fell 9.4%, reversing a downwardly revised 6.6% gain in November and marking the steepest decline in seven months.