Singapore NODX Rises Less than Expected

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.

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.