Singapore NODX up 2% in 2024

Non-electronic exports fell.

Singapore’s non-oil domestic exports (NODX) grew by 0.2% in 2024, reversing a 13.1% decline in 2023, as per data from Enterprise Singapore.

The rebound was primarily driven by higher shipments of electronic products, whilst non-electronic exports continued to decline.

Electronic NODX surged by 8.2% in 2024, reversing a steep 19.7% contraction in the previous year. In contrast, non-electronic exports fell by 1.9%, though this was an improvement from the 11.1% decline recorded in 2023.

On a year-on-year basis, NODX rose by 2.4% in the fourth quarter of 2024, following a strong 9.0% expansion in the third quarter.

Electronic exports continued their upward momentum, growing by 14.2% in Q4 2024, extending the 16.3% rise in Q3. However, non-electronic NODX declined slightly by 0.7%, reversing a 7.0% increase in the previous quarter.

Despite the overall recovery, NODX to major markets declined in 2024. The European Union (EU 27) saw the sharpest drop at 21.4%, followed by Japan (-17.6%) and the United States (-6.6%).

On the other hand, electronic exports to key markets saw significant growth. Hong Kong led the increase with a 50.5% surge, followed by Malaysia (+38.5%) and South Korea (+21.0%).