December NODX gains signal front-loading ahead of US tariffs: UOB

NODX rose by 1.7% MoM seasonally adjusted in December.

Singapore's December non-oil domestic exports (NODX) and non-oil re-exports (NORX) data continue to indicate front-loading of shipments in anticipation of proposed tariffs on US imports under a second Trump administration, UOB said.

NODX rose by 1.7% MoM seasonally adjusted (sa) in December, following a robust 14.7% MoM sa increase in November, whilst NORX grew by 4.8% MoM sa in December, building on an 8.8% rise in November.

The impact of front-loading is particularly evident in the electronics segment, with electronics NORX surging by 30.3% YoY in December, compared to a 12.7% YoY increase in November.

UOB noted this sharp acceleration suggests that exporters are ramping up shipments to the US to circumvent potential cost increases that could arise from tariff hikes.

Despite the resilience of Singapore's electronics exports, there are signs that the growth cycle may soon peak.

Looking ahead to 2025, UOB projects NODX growth at 1.5%, an improvement from the modest 0.2% growth in 2024. However, the pace of growth is expected to slow in the 2H25 due to the anticipated impact of tariffs.

This forecast aligns with the official projection range of +1.0% to +3.0%, as outlined in the 3Q24 Trade Performance report by Enterprise Singapore

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia