Singapore’s non-oil domestic exports (NODX) grew by 11.6% year-on-year in November, exceeding expectations despite a slowdown from October’s 21.7% growth, according to a report by Nomura. The unexpected strength was largely attributed to a significant increase in pharmaceutical exports, which surged by 369.8% year-on-year, reaching a record high.
Whilst the overall NODX growth was robust, excluding gold and pharmaceuticals, the figures showed a contraction, with the US market continuing to pose challenges. Electronics exports, although easing to 13.1% year-on-year from 33.1% in October, demonstrated underlying strength with a three-month moving average growth of 25.1%.
Re-export growth also moderated to 13.8% year-on-year from 29.6%, with notable declines in shipments to China and Hong Kong, indicating reduced transshipment activity. However, re-exports to Taiwan remained relatively strong, suggesting ongoing spillover effects into trade-related services.
Nomura maintains its above-consensus GDP growth forecasts of 4.3% for 2025 and 3.7% for 2026, supported by a resilient global tech cycle and strong domestic demand. The firm anticipates that electronics exports will continue to thrive amid the global tech upcycle, further boosting manufacturing output.
The report highlights the impact of US tariffs, with NODX growth to the US declining to -16.1% year-on-year. However, total export growth to the US, including domestic exports and re-exports, increased significantly on a three-month moving average basis, driven by pharmaceuticals and other key sectors.
