Singapore NODX Rises the Most Since 2012

Singapore’s non-oil domestic exports (NODX) jumped 24.5% yoy in April 2026, accelerating sharply from a 15.3% rise in March. This marked the eighth consecutive month of expansion and the fastest growth since February 2012, with electronics continuing to grow strongly (66.7% vs 73.9% in March), supported by robust AI-related demand. Electronic exports were driven mainly by disk media products (148.9%), ICs (82.7%), and PCs (35.7%). Meanwhile, non-electronics grew 10.9%, rebounding sharply from a 0.6% fall in March, due to higher shipments of pharmaceuticals (97.1%), measuring instruments (60.5%), and specialised machinery (23.6%). By destination, shipments increased to South Korea (71.2%), Hong Kong (63.2%), the US (59.6%), China (37.8%), Taiwan (33.5%), Malaysia (19.7%), India (13.0%), Thailand (11.2%), and the EU (33.4%). However, exports to Indonesia plunged by 60.8%. Monthly, NODX climbed 11.0%, after a 3% rise in March, marking the fastest increase since last September.

Singapore’s non-oil domestic exports (NODX) surged 15.3% yoy in March 2026, accelerating sharply from a 4.0% rise in February. This marked the seventh consecutive month of expansion and the fastest growth since October last year, with electronics continuing to grow strongly (74.0% vs. 43.1% in February), supported by robust AI-related demand and a low base a year ago. Electronic exports were boosted mainly by ICs (113.8%), disk media products (78.3%), and PCs (57.3%). Meanwhile, non-electronics declined 0.6%, following a 6.9% fall in February, weighed down by declines in ship and boat structures (-99.8%), food preparations (-42.0%), and pharmaceuticals (-18.4%). By destination, shipments grew to Hong Kong (99.4%), Taiwan (63.1%), South Korea (44.1%), India (27.2%), Malaysia (20.6%), and China (20.3%). However, exports fell to Indonesia (-56.8%), the US (-2.7%), Thailand (-1.0%), and the EU (-11.9%). For Q1, NODX grew 9.6%. Monthly, NODX rose 3.0%, slowing from 3.9% growth in February.

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.