NODX slumps to 6.1% in December 2025 as Western demand sinks

Shipments to Japan and Hong Kong have also declined.

Singapore’s Non-oil domestic exports (NODX) growth was nearly sliced in half in December 2025, cooling to 6.1% from a November high of 11.5% as demand from Western markets retreated, according to an Enterprise Singapore report.

Whilst NODX finished 2025 up 4.8% overall, the year-end was marred by a slump in shipments to the US and EU. Shipments to Japan, Hong Kong, Indonesia, and Thailand have also declined.

However, exports to China, Taiwan and Malaysia posted double-digit growth, partially offsetting declines.

Meanwhile, non-electronic exports showed limited growth during the period, edging up just 0.8%, supported mainly by non-monetary gold, with most other product categories recording muted performance.

By contrast, electronics exports increased 24.9%, driven by integrated circuits, disk media products and telecommunications equipment.

Non-oil re-exports expanded 15% year-on-year, led by electronics, whilst non-electronic re-exports contracted.

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