Singapore NODX up 7.1% in Q2

Full-year 2025 NODX forecast maintained at 1% to 3%.

Singapore’s non-oil domestic exports (NODX) grew by 7.1% year-on-year (YoY) in the second quarter of 2025, following a 3.3% increase in the previous quarter.

The growth was driven by strong performances in both electronics and non-electronics sectors.

On a YoY basis, electronic NODX expanded 10.5% in Q2 2025, up from 9.5% in the previous quarter.

Key contributors included personal computers (PCs), integrated circuits (ICs), and disk media products, which rose 78%, 13.9%, and 5.5%, respectively.

Non-electronic NODX increased 6% in Q2, improving on the 1.8% growth in Q1.

Major contributors to the rise were non-monetary gold (+82.5%), specialised machinery (+9.1%), and ship and boat structures.

Exports to Taiwan, Indonesia, and South Korea recorded strong gains of 31.1%, 32.5%, and 24.5% respectively.

The International Monetary Fund (IMF) projects global economic growth of 3% in 2025, with positive outlooks for Singapore’s key trading partners.

Additionally, the World Trade Organisation (WTO) expects global merchandise trade volume to grow 0.1%, a revision from an earlier projected decline.

Singapore maintains its full-year 2025 NODX growth forecast between 1% and 3%, anticipating a slower second half due to tariff resumption from August and ongoing uncertainties.

Meanwhile, Singapore’s total services trade grew 1.7% YoY in Q2 2025, with services exports rising 2.7% and imports up 0.6%.

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