Singapore exports beat expectations as electronics and pharma lift NODX

Singapore's non-oil domestic exports (NODX) recorded a year-on-year growth of 11.6% in November, significantly surpassing market expectations of 7.0%. This strong performance was driven by solid growth in electronics and pharmaceuticals, with electronics exports rising by 13.1%, reflecting robust demand for integrated circuits, personal computers, and printed circuit boards. Despite some volatility in pharmaceutical shipments, they made a substantial contribution to the overall growth. Cumulatively, NODX growth reached 4.8% for the first eleven months of 2025, marking a recovery from last year's trade downturn. Strong shipments were noted to the United States, the EU, and Taiwan, while exports to several regional markets like Japan and Indonesia saw declines, highlighting uneven recovery across Asia. Despite potential volatility driven by lumpy shipments, the outlook for external trade remains positive as it continues to support broader economic growth into year-end.