September Singapore Non-oil Domestic Exports (NODX) +6.9% y/y (vs. expected -2.1%)

Singapore’s exports rose 6.9% y/y in September, beating expectations for a 2.1% fall.

• Gains were led by electronics and shipments to China, Hong Kong and Taiwan.

• US-bound exports fell 9.9% amid new American tariffs.

• Government still expects 1–3% export growth for 2025, with slower momentum ahead.

• Pharma tariff implementation delayed pending negotiations.

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Singapore’s non-oil domestic exports (NODX) jumped 6.9% year-on-year in September, a much stronger performance than economists had expected, thanks largely to a rebound in electronics shipments, according to data from Enterprise Singapore.

• expected -2.1%
• prior -11.5%

Export gains were driven by stronger demand from Hong Kong, Taiwan and China, while shipments to the EU, US and Indonesia fell.

Exports to the United States dropped 9.9% from a year earlier after falling nearly 30% in August, reflecting the impact of the 10% tariff Washington imposed on Singaporean goods.

Authorities said earlier that front-loading of shipments ahead of U.S. tariffs supported trade in the first half of the year, but warned of slower growth ahead.

This article was written by Eamonn Sheridan at investinglive.com.