Singapore's Non-Oil Exports Show Strong Growth in November 2025

Key Drivers of Export Performance

Singapore's non-oil domestic exports (NODX) recorded an 11.6% year-on-year increase in November 2025, exceeding market expectations according to government data released on December 17, 2025. The significant growth was primarily attributed to a sharp rise in pharmaceutical exports, which have been a key contributor to Singapore's export performance in recent months. Additionally, the electronics sector played a supporting role, with notable increases in shipments of integrated circuits and personal computers (PCs).

Economic Implications

The robust performance of Singapore's NODX in November is a positive indicator for the country's economy, particularly as exports play a crucial role in driving economic growth. The surge in pharmaceutical exports highlights Singapore's strength in the manufacturing of medical products, while the growth in electronics exports underscores the country's position as a key player in the global semiconductor and computer hardware supply chain.

Market Reaction

The better-than-expected NODX data is likely to have a positive impact on market sentiment towards Singapore's economy. It may also influence expectations regarding future monetary policy decisions and economic forecasts for the country. As global trade continues to evolve, Singapore's ability to maintain strong export growth will be closely monitored by economists and investors alike.