Singapore NODX Growth Below Forecasts

2026-07-17 00:34 By Chusnul Chotimah 1 min. read

Singapore’s non-oil domestic exports (NODX) grew 20.7% year-on-year in June 2026, moderating from a 38.4% jump in May, which was the fastest growth since December 2003, and falling short of forecasts of 30.2%.

It was the tenth straight month of expansion, though the slowest growth since March, with electronics continuing to grow strongly (105.1% vs 94.8% in May), supported by robust AI-related demand.

Electronic exports were driven mainly by disk media products (170.9%), ICs (115.4%), and PCs (95.8%).

By contrast, non-electronic exports fell 2.9% in June, reversing a 17.7% rise in May, due to lower shipments of non-monetary gold (-49.0%), food preparations (-38.6%), and petrochemicals (-27.9%).

Among trading partners, shipments increased to Taiwan (123.3%), South Korea (62.9%), Thailand (41.5%), the US (36.7%), China (7.4%), and the EU (20.8%).

Monthly, NODX fell 8.9%, reversing a 7.7% rise in May and marking the first monthly decline in six months.

NODX grew 18.6% in H1 of 2026.



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Singapore NODX Growth Below Forecasts
Singapore’s non-oil domestic exports (NODX) grew 20.7% year-on-year in June 2026, moderating from a 38.4% jump in May, which was the fastest growth since December 2003, and falling short of forecasts of 30.2%. It was the tenth straight month of expansion, though the slowest growth since March, with electronics continuing to grow strongly (105.1% vs 94.8% in May), supported by robust AI-related demand. Electronic exports were driven mainly by disk media products (170.9%), ICs (115.4%), and PCs (95.8%). By contrast, non-electronic exports fell 2.9% in June, reversing a 17.7% rise in May, due to lower shipments of non-monetary gold (-49.0%), food preparations (-38.6%), and petrochemicals (-27.9%). Among trading partners, shipments increased to Taiwan (123.3%), South Korea (62.9%), Thailand (41.5%), the US (36.7%), China (7.4%), and the EU (20.8%). Monthly, NODX fell 8.9%, reversing a 7.7% rise in May and marking the first monthly decline in six months. NODX grew 18.6% in H1 of 2026.
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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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