Singapore NODX Growth Accelerates in July

Singapore’s non-oil domestic exports (NODX) surged 46.2% year-on-year in August 2026, accelerating sharply from a downwardly revised 24.1% rise in July and far above forecasts of 35%. It was the twelfth straight month of expansion and the strongest growth since October 1988, driven by electronics exports (131.8% vs 112% in July), supported by robust AI-related demand. Electronic exports were boosted by disk media products (290.2%), PCs (237.9%), and ICs (90.9%). Meanwhile, non-electronic exports rebounded, surging 12.0% after a 2.4% fall in July, due to higher shipments of non-monetary gold (67.0%), specialised machinery (57.7%), and medical apparatus (22.1%). Among trading partners, shipments increased to the US (91.0%), South Korea (87.1%), China (70.3%), Hong Kong (62.9%), Taiwan (58.5%), Malaysia (39.3%), and Indonesia (24.5%), while falling to the EU (-1.7%). Monthly, NODX jumped 10.9%, rebounding sharply from a 0.3% fall in July and marking the fastest increase in four months.

Singapore’s non-oil domestic exports (NODX) jumped 24.2% year-on-year in July 2026, accelerating from an upwardly revised 20.8% rise in June. It was the eleventh straight month of expansion, driven by electronics exports (112.1% vs. 105.1% in June), supported by robust AI-related demand. Electronic exports were boosted by disk media products (339.1%), PCs (120.8%), and ICs (84.5%). By contrast, non-electronic exports dropped 2.3% in July, following a 2.8% fall in June, due to lower shipments of pharmaceuticals (-56.7%), petrochemicals (-22.5%), and food preparations (-17.9%). Among trading partners, shipments grew to the US (62.8%), South Korea (53.3%), Hong Kong (36.4%), Taiwan (32.4%), Thailand (18.0%), and India (13.0%), while plunging to the EU (-35.5%). In May, the country raised its 2026 forecast for NODX growth to 3.0%–5.0%, up from the previously estimated 2.0%–4.0%. Monthly, NODX edged down 0.3%, following an 8.9% fall in June and marking the second monthly decline.

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.