Singapore NODX Growth Eases in November

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.

Singapore’s non-oil domestic exports (NODX) increased 11.6% yoy in November 2025, slowing sharply from a downwardly revised 21.7% surge in October. This marked the third consecutive month of NODX growth, albeit at a softer pace, following its fastest pace since November 2021 in October. Electronic exports climbed 13.1%, following a 33.1% jump in October, due to a surge in shipments of PCs (48.0%), PCBs (26.8%), and ICs (22.9%). Meanwhile, non-electronic exports advanced 11.1% yoy, after a 18.1% growth in October, supported by rises in pharmaceuticals (369.8%), pumps (361.2%), and non-electronic engines & motors (123.2%). Exports to the US jumped 106%, rebounding sharply from a 12.5% drop in October. Shipments also grew to Taiwan (15.7%), South Korea (12.6%), Malaysia (6.5%), China (4.7%), and the EU (66.3%). By contrast, exports fell to Indonesia (-33.9%), Japan (-27.6%), and Hong Kong (-20.2%. Monthly, NODX grew by 6.8%, easing from a downwardly revised 8.8% gain in October.

Singapore’s non-oil domestic exports (NODX) jumped 22.2% yoy in October 2025, accelerating sharply from an upwardly revised 7.0% rise in September. This marked the second consecutive month of NODX growth and the fastest pace since November 2021, boosted by a jump in both electronic and non-electronic exports. Electronic exports soared 33.2%, after a 30.4% surge in September, due to a jump in shipments of PCs (77.7%), ICs (40.9%), and disk media products (31.4%). Meanwhile, non-electronic exports surged 18.8% yoy, after a 0.5% growth in September, boosted by rises in non-monetary gold (176.8%), pharmaceuticals (25.2%), and specialised machinery (16.1%). Exports increased mainly to Thailand (91.1%), Hong Kong (66.9%), Taiwan (61.5%), South Korea (38.0%), and Malaysia (29.2%), while edging up to China (0.1%). By contrast, shipments to the US dropped (-12.5%), dampened by newly imposed American tariffs. Monthly, NODX rose by 13.0%, after an upwardly revised 13.1% gain in September.