2025-12-17 04:00:00
Singapore’s non-oil domestic exports (NODX) delivered a stronger-than-expected performance in November, reinforcing signs that the city-state’s trade cycle remains firmly in recovery mode as global demand stabilises. Official data released by Enterprise Singapore showed NODX rose 11.6% year on year, comfortably beating market expectations for a 7.0% increase.
The headline gain was supported by both electronics and non-electronics exports, though volatile pharmaceutical shipments again played a prominent role. Electronics exports grew 13.1%, extending October’s outsized surge, as demand for integrated circuits, personal computers and printed circuit boards remained robust. The data point to ongoing strength in the global semiconductor cycle, which continues to underpin regional trade momentum.
Non-electronics exports also posted solid growth, rising 11.1% year on year. Pharmaceutical exports surged sharply, reflecting shipment timing and contract volatility rather than a structural step-up, but nevertheless contributed materially to the overall result. Other categories, including pumps and industrial engines, also recorded strong gains, highlighting broader-based resilience beyond electronics.
Taken together, the November outcome helped lift cumulative NODX growth to 4.8% in the first 11 months of 2025, signalling a meaningful turnaround from last year’s trade downturn. Total trade expanded 8.8% year on year, moderating from October’s exceptionally strong pace but remaining consistent with an improving external environment.
By destination, export performance was mixed. Shipments to the United States, the European Union and Taiwan rose strongly, reflecting firm demand from advanced economies and semiconductor-linked supply chains. In contrast, exports to several regional markets, including Indonesia, Hong Kong, Japan and Thailand, declined from a year earlier, underscoring uneven recovery dynamics across Asia.
Looking ahead, Singapore’s trade outlook remains constructive but subject to volatility. While electronics demand and pharmaceuticals are providing powerful tailwinds, the reliance on lumpy shipments suggests month-to-month swings are likely. Even so, the November data reinforce expectations that external trade will continue to support growth into year-end, providing a firmer footing for the broader economy.
