FX.co ★ Singapore NODX Falls the Most in 17 Months

Singapore experienced a surprising 11.3% year-on-year decline in its non-oil domestic exports (NODX) for August 2025, a significant downturn following a revised 4.7% reduction in July. This decline marks the fourth contraction of the year, representing the most substantial drop since March 2024, largely due to decreases in both electronic and non-electronic exports. Non-electronic exports fell sharply by 13.0% compared to the previous year's figures (following a 6.7% decline in July), significantly impacted by substantial reductions in food preparations (down 51.4%), specialized machinery (down 29.1%), and petrochemicals (down 29.1%). In the realm of electronics, exports decreased by 6.5%, reversing a 2.7% increase in July. This downturn was attributed to reductions in shipments of PCs (down 36.9%), disk media products (down 28.1%), and integrated circuits (down 7.4%). Exports to the United States plummeted by 28.8%, primarily due to new American tariffs. Additionally, exports declined to Indonesia (down 39.6%), China (down 21.5%), Hong Kong (down 20.9%), and Thailand (down 20.0%). Conversely, exports increased to South Korea by 24.8%, to Taiwan by 9.1%, and to the European Union by 28.9%. On a monthly basis, NODX decreased by 8.9%, following a 6% drop in July.