Singapore NODX Growth Highest Since 2003

2026-06-17 00:40 By Chusnul Chotimah 1 min. read

Singapore’s non-oil domestic exports (NODX) surged 38.4% yoy in May 2026, accelerating sharply from a marginally revised 24.4% jump in April and exceeding forecasts of 30.0%.

It was the ninth straight month of expansion and the fastest growth since December 2003, with electronics continuing to grow strongly (94.8% vs 66.7% in April), supported by robust AI-related demand.

Electronic exports were driven mainly by disk media products (227.8%), PCs (140.9%), and ICs (80.9%).

Non-electronics rose 17.7%, after a 10.9% gain in April, due to higher shipments of pharmaceuticals (102.6%), non-monetary gold (83.2%), and specialised machinery (66.9%).

By destination, shipments soared to Taiwan (135.2%), the US (80.9%), South Korea (67.2%), Thailand (43.4%), China (31.0%), and the EU (41.4%).

However, exports to Indonesia slumped by 26.9%.

Monthly, NODX advanced 7.7%.

Last month, the country raised its 2026 forecast for NODX growth to 3.0%–5.0%, up from the previously estimated 2.0%–4.0%.



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Singapore NODX Growth Highest Since 2003
Singapore’s non-oil domestic exports (NODX) surged 38.4% yoy in May 2026, accelerating sharply from a marginally revised 24.4% jump in April and exceeding forecasts of 30.0%. It was the ninth straight month of expansion and the fastest growth since December 2003, with electronics continuing to grow strongly (94.8% vs 66.7% in April), supported by robust AI-related demand. Electronic exports were driven mainly by disk media products (227.8%), PCs (140.9%), and ICs (80.9%). Non-electronics rose 17.7%, after a 10.9% gain in April, due to higher shipments of pharmaceuticals (102.6%), non-monetary gold (83.2%), and specialised machinery (66.9%). By destination, shipments soared to Taiwan (135.2%), the US (80.9%), South Korea (67.2%), Thailand (43.4%), China (31.0%), and the EU (41.4%). However, exports to Indonesia slumped by 26.9%. Monthly, NODX advanced 7.7%. Last month, the country raised its 2026 forecast for NODX growth to 3.0%–5.0%, up from the previously estimated 2.0%–4.0%.
2026-06-17
Singapore Raises 2026 Export Growth Forecast to 3%–5%
Singapore raised its 2026 forecast for non-oil domestic exports (NODX) growth to 3.0%–5.0%, up from the previously estimated 2.0%–4.0%, supported by a better-than-expected first-quarter performance, particularly in electronics (+57.8%) amid strong AI-related demand. However, the outlook remains clouded by uncertainties from the Middle East conflict and potential re-escalation of trade tensions, Enterprise Singapore said on Monday. Meanwhile, NODX grew 9.6% in the first quarter of 2026, following a 12.7% expansion in the fourth quarter of 2025 and coming in stronger than expected, with electronics surging 57.8%, well above 23.4% growth in the fourth quarter of 2025. By contrast, non-electronic exports fell 3.5%, reversing a 9.4% rise in the fourth quarter. The updated forecast remains consistent with the IMF and WTO’s projection of softer growth in global trade volumes in 2026, while also factoring in high base effects in the latter half of the year, Enterprise Singapore added.
2026-05-25
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.
2026-05-18