Singapore’s non-oil domestic exports (NODX) experienced a significant rebound in September, growing by 6.9% year-on-year, according to a report by Nomura Global Economics. This marks a sharp recovery from the 11.5% decline recorded in August, with electronics exports leading the surge. The growth in electronics, particularly integrated circuits, reflects robust underlying demand in the tech sector.
The report highlights that whilst NODX to the US continued to contract, the pace has slowed, indicating ongoing impacts from US tariffs. Conversely, re-export growth surged, especially to China and Hong Kong, suggesting positive spillover effects into trade-related services. This is evidenced by a notable increase in container throughput growth.
Despite the mixed performance outside electronics, with petrochemical and pharmaceutical exports remaining weak, the overall export landscape shows resilience. Non-monetary gold exports saw a dramatic swing to 82.7% growth, largely due to base effects.
Nomura maintains its 2025 GDP growth forecast for Singapore at 3.6%, recently revised from 2.6%, citing continued resilience against external challenges. The Ministry of Trade and Industry is expected to adjust its GDP growth forecast range to approximately 3.5% in November, up from the previous 1.5-2.5% range. This outlook suggests that Singapore’s economy is poised to withstand global economic pressures, driven by strong performance in both manufacturing and services sectors.
