Singapore’s NODX Soars 22.2% in October, Beating Expectations

Singapore’s non-oil domestic exports (NODX) surged 22.2% year-on-year in October 2025, significantly surpassing forecasts of around 7.5%. The robust performance, which accelerated from a 7.0% rise in September, was driven by strong growth in both electronic and non-electronic sectors, particularly shipments of non-monetary gold and integrated circuits.

Key Drivers of the Export Jump – Electronic Exports:

Electronic NODX expanded by 33.2% in October, building on the 30.4% increase in the previous month. The main contributors to this growth were:

Integrated circuits (ICs): up 40.9%
Personal computers (PCs): up 77.7%
Disk media products: up 31.4%
Non-Electronic Exports:
Non-electronic NODX also saw significant expansion, rising by 18.8% in October after a marginal 0.5% increase in September. This growth was primarily driven by:
Non-monetary gold: soaring by 176.8%
Specialised machinery: up 16.1%
Pharmaceuticals: increasing by 25.2%
Market Performance

Exports expanded to most of Singapore’s key markets, with exceptionally strong gains in several Asian economies. However, demand from Western markets showed some weakness.

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