Singapore’s non-oil domestic exports (NODX) grew by 6.1% y-o-y in December 2025, moderating from the double-digit expansions seen in October and November. This brings NODX for the full year to 4.8%.
In December, electronic and non-electronic exports rose. Electronic NODX expanded by 24.9% y-o-y with integrated circuits (ICs), disk media products and telecommunications (telco) equipment being the top contributors. ICs, disk media products and telco equipment exports increased by 32.1%, 53.5% and 81.4% respectively.
Non-electronic NODX grew by 0.8% y-o-y led by non-monetary gold, specialised machinery and mechanical handling equipment, which grew by 73.3%, 5.4% and 415.8% respectively.
Among Singapore’s top 10 markets, NODX to China, Taiwan and Malaysia grew while NODX to the US, Japan, Hong Kong, Indonesia, Thailand and the European Union (EU) 27 declined.
NODX to China rose by 17.9% due to specialised machinery (+107.6%), measuring instruments (+16.1%) and metal removing machine-tools (+335.4%).
NODX to Taiwan grew by 24.3% thanks to ICs (+48.4%), specialised machinery (+45.1%) and pharmaceuticals (+548.2%).
See also: Farmers trying to grow crops across border in bid to cut costs
At the same time, NODX to Malaysia expanded by 13.3% due to due to ICs (+48.7%), specialised machinery (+84.1%) and diodes & transistors (+36.2%).
NORX
Non-oil re-exports (NORX) expanded by 15% y-o-y in December, moderating from the 14.5% rise in November. Electronics re-exports rose while non-electronics declined during the month.
See also: Maybank lifts STI target to 5,600 on ‘certainty premium’, reforms and valuation upside
Electronic NORX rose by 30.2% due to telecommunications equipment (+104.4%), parts of personal computers or PCs (+147.6%) and PCs (+145.4%).
Non-electronic NORX fell by 4.5% due to non-monetary gold (-67.0%), pharmaceuticals (-36.4%) and specialised machinery (-12.4%).
NORX to the US, Taiwan and Malaysia expanded at 73.9%, 61.4% and 21.2% respectively.
Total trade
Total traded expanded by 12.3% in December, extending the 8.7% increase in November.
Total exports expanded by 10.6% driven by non-oil exports (+12.3%), while oil exports (-0.01%) declined.
Total imports expanded by 14.2%.
