2026.01.1600:35:53UTC+00Singapore NODX Rises the Least in 4 Months

Singapore’s non-oil domestic exports (NODX) rose by 6.1% year-on-year in December 2025. This increase, while positive, represented a deceleration from the revised 11.5% growth seen in November and fell short of the anticipated 10% growth forecast. This was the most modest increase since August, when there was actually a decrease, largely due to a slowdown in non-electronic export growth. Non-electronic exports saw a modest rise of 0.8% year-on-year, a significant drop from the 11.1% increase in November, driven by increases in mechanical handling equipment (415.8%), non-monetary gold (73.3%), and specialized machinery (5.4%). In contrast, electronic exports surged by 24.9%, following a 12.9% increase in November, bolstered by a marked increase in shipments of telecommunications equipment (81.5%), disk media products (53.5%), and integrated circuits (ICs) (2.1%). Export growth was observed to Taiwan (24.3%), China (17.9%), Malaysia (13.3%), and South Korea (12.9%). Conversely, exports declined significantly to the United States (-36.6%), Indonesia (-27.9%), and Japan (-26.4%). On a monthly basis, NODX fell by 9.4%, in contrast to a revised 6.6% increase in November, marking the steepest drop in seven months.