Singapore’s NODX rebounds 14.7% in November

Electric NODX grew 23.2% YoY whilst non-electronics NODX fell 1.6%.

On a seasonally adjusted basis, Singapore’s non-oil domestic exports (NODX) rebounded by 14.7% month-on-month (MoM) in November after two consecutive months of contraction, UOB reported.

November NODX and non-oil re-exports data, along with a sharp rise in the new export orders subindex in the November PMI, confirm the front-loading of exports ahead of Trump's proposed U.S. tariffs.

Despite less favourable base effects compared to October, the overall NODX rose 3.4% year-on-year (YoY) in November, surpassing Bloomberg’s consensus’ -1.0% YoY and UOB's +1.5% YoY estimate.

Meanwhile, electronic NODX grew 23.2% YoY in November due to low base effects which supported the double-digit expansion seen across integrated circuits (+28.9% YoY), personal computers (+75.3% YoY), and disk drives (+33.3% YoY).

On the flip side, non-electronics NODX fell to 1.6% with pharmaceuticals (-63.8% YoY), petrochemicals (-5.3% YoY), and paper & paperboard (-89.9% YoY) contributing the most to the decline.

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