FX.co ★ Singapore NODX Rebounds in September

In September 2025, Singapore's non-oil domestic exports (NODX) experienced a significant rise of 6.9% year-on-year, reversing the trend from August when they saw an 11.5% decline, the steepest since March 2024. This marked the first instance of growth in the NODX over a span of three months, primarily attributed to a recovery in both electronic and non-electronic export sectors. Non-electronic exports experienced a slight increase of 0.4% year-on-year, bouncing back from a severe 13.3% drop in August. This improvement was propelled by substantial growth in non-monetary gold (82.7%) and specialized machinery (14.1%). Concurrently, electronic exports skyrocketed by 30.4%, recovering from a 6.5% decline in August, fueled by significant rises in the shipments of integrated circuits (34.9%), personal computers (58.3%), and disk media products (42.9%). The primary markets contributing to this growth included Hong Kong (56.3%), Taiwan (31.9%), Thailand (24.0%), China (10.1%), and Japan (8.2%). In contrast, exports to the United States faced a decrease of 9.9%, impacted by the introduction of new American tariffs. On a month-to-month basis, NODX saw a substantial increase of 13.0%, marking a rebound from an adjusted 9.1% decline in August, signifying the first monthly rise in three months.