Singapore’s Exports Surge 11.6% in November, Exceeding Forecasts

Singapore’s non-oil domestic exports (NODX) increased by 11.6 percent in November compared to the same month in the previous year, according to data released by Enterprise Singapore on December 17. This growth, which surpassed analysts’ expectations, is primarily driven by fluctuations in the pharmaceuticals sector and bolstered by strong performance in electronic products, including integrated circuits and personal computers.

This increase exceeded a forecast by Reuters, which anticipated a 7.0 percent rise, and followed a substantial revised growth of 21.7 percent in October. Both electronics and non-electronics sectors contributed to this positive trend, with NODX rising by 4.8 percent for the first eleven months of 2025.

Electronic and Non-Electronic Growth

In November, electronic NODX saw a remarkable growth of 13.1 percent, building on a substantial 33.1 percent increase in the previous month. Key contributors to electronic NODX included integrated circuits, personal computers, and printed circuit boards, which grew by 22.9 percent, 48 percent, and 26.8 percent respectively.

Meanwhile, the non-electronic NODX expanded by 11.1 percent in November, following an 18.1 percent growth in October. This sector was significantly boosted by pharmaceuticals, pumps, and non-electric engines and motors, which saw increases of 369.8 percent, 361.2 percent, and 123.2 percent respectively.

Trade Trends and Market Impact

On a broader scale, total trade in Singapore expanded by 8.8 percent in November, a decrease from the 23.1 percent growth recorded in the preceding month. Exports to major markets, including the United States, European Union, and Taiwan, exhibited strong growth. In contrast, shipments to countries such as Indonesia, Hong Kong, Japan, and Thailand experienced notable declines compared to the previous year.

The data reflects not only the resilience of Singapore’s export sector but also highlights the ongoing volatility within the global market, influenced by various economic factors. As the global economy evolves, Singapore’s performance will be closely monitored by analysts and policymakers alike, as it plays a critical role in regional and international trade dynamics.