Singapore's November exports rise 11.6%, stronger than expected
The rise was led by volatile pharmaceuticals and supported by electronic products.
Shipping containers are stacked at Pasir Panjang port terminal in Singapore on Oct 17, 2025. (File photo: AFP/Roslan Rahman)
SINGAPORE: Singapore's non-oil domestic exports (NODX) rose by 11.6 per cent in November from the same month a year earlier, Enterprise Singapore (EnterpriseSG) said on Wednesday (Dec 17).
The rise, which beat expectations, is mainly attributed to volatile pharmaceuticals and supported by electronic products, such as integrated circuits and personal computers (PCs), EnterpriseSG added.
The export growth compared with a Reuters poll forecast of a 7.0 per cent increase, and followed a revised rise of 21.7 per cent in October.
Both electronics and non-electronics expanded, said EnterpriseSG, leading to NODX rising by 4.8 per cent in the first 11 months of 2025.
Electronic NODX grew by 13.1 per cent in November, extending the 33.1 per cent rise in the previous month.
Integrated circuits, PCs and printed circuit boards contributed the most to electronic NODX, expanding 22.9 per cent, 48 per cent and 26.8 per cent respectively.
Meanwhile, non-electronic NODX expanded by 11.1 per cent in November, following an 18.1 per cent expansion in October.
Pharmaceuticals, pumps, as well as non-electric engines and motors, contributed the most to the growth in non-electronic NODX, rising by 369.8 per cent, 361.2 per cent and 123.2 per cent respectively.
On a year-on-year basis, total trade expanded by 8.8 per cent in November, moderating from the 23.1 per cent in the preceding month.
Among key markets, exports to the US, European Union and Taiwan rose strongly, while shipments to Indonesia, Hong Kong, Japan and Thailand were markedly lower than a year earlier, Enterprise SG said.
November's performance marked the second consecutive month of double-digit growth in Singapore's NODX, noted Ms Selena Ling, chief economist and head of Global Markets Research & Strategy at OCBC.
"Given the upside surprise in the November NODX data, we are now expecting the full-year 2025 NODX growth forecast closer to the 5 per cent handle, even though the November outperformance was significantly driven by volatile pharmaceuticals," she said.
However, OCBC still maintained its NODX growth forecast for 2026 at 1 per cent to 3 per cent year-on-year, given the high base in 2025, she added.
Ms Ling said there were also no revisions to the official 2025 and 2026 NODX forecasts, which were around 2.5 per cent growth, and 0 per cent to 2 per cent growth, respectively.
"The familiar but persistent uncertainties for the 2026 outlook revolve around the anticipated US growth slowdown and market optimism about the Fed’s interest rate cut trajectory, a potential re-escalation in US-China trade tensions, anticipated US product-specific tariffs (such as) pharmaceutical tariffs and the ongoing volatility in the AI industry," she said.
