Singapore NODX down 3.5% in May 2025

This reverses the 12.4% growth recorded in the previous month.

Singapore’s non-oil domestic exports (NODX) declined by 3.5% year-on-year (YoY) in May 2025, following a 12.4% increase in April.

This was led by a fall in non-electronic exports even as electronics remained in positive territory.

On a YoY basis, electronic NODX grew by 1.7% in May 2025, easing from the previous month’s sharp 23.4% increase. Growth was driven by personal computers (PCs), integrated circuits (ICs), and consumer electronics, which rose by 50.9%, 4.3%, and 49.0%, respectively.

Meanwhile, non-electronic NODX fell by 5.3% in May 2025, following a 9.3% increase in April. Key contributors to the decline included petrochemicals (-17.8%), non-monetary gold (-25.9%), and specialised machinery (-11.7%).

Exports to several major markets were mixed in May 2025. NODX to Taiwan, Indonesia, South Korea, and Hong Kong recorded growth, while shipments to the US, Thailand, and Malaysia declined.

NODX to the United States dropped by 20.6%, reversing the 1.2% increase in April. The fall was attributed to specialised machinery (-49.2%), food preparations (-35.7%), and miscellaneous manufactured articles (-41.0%).

Exports to Thailand contracted by 17.0%, following a 10.5% rise in April, due to declines in non-monetary gold (-35.5%), food preparations (-55.3%), and PCs (-76.3%).

NODX to Malaysia decreased by 7.6% in May 2025, after a 1.0% fall the previous month. The contraction was led by non-monetary gold (-25.1%), other computer peripherals (-99.3%), and primary chemicals (-61.4%).

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