Singapore NODX Surges 68.4% in September, Led by Electronics

Singapore’s non-oil domestic exports climbed 68.4 per cent year-on-year in September, extending the revised 46.1 per cent growth recorded in August, as data released by Enterprise Singapore on Friday, 16 October, confirmed that the city-state’s export momentum remains unusually strong heading into the final quarter of 2026.

Non-electronic shipments were the primary engine of September’s acceleration, with non-electronic NODX expanding by 54.2 per cent — a sharp step up from the 11.9 per cent increase registered in August — driven in significant part by lumpy exports of ship and boat structures, the kind of large, irregular orders that can distort monthly readings but nonetheless reflect genuine demand.

Electronic NODX, meanwhile, posted a 107.6 per cent year-on-year increase, underpinned by robust artificial intelligence-related demand and led by disk media products, integrated circuits and personal computers. That figure, while still substantial, represents a moderation from the 131.6 per cent surge recorded in August, suggesting that the electronics cycle, though buoyant, may be finding a more sustainable pace.

Taken together, Singapore’s NODX rose 27.6 per cent over the first nine months of 2026, according to EnterpriseSG — a cumulative figure that underscores how broadly the export recovery has extended across the year rather than concentrating in a single quarter.

Among Singapore’s key trading partners, Hong Kong recorded the sharpest bilateral growth, with NODX rising 112.1 per cent year-on-year, supported by shipments of non-monetary gold, integrated circuits and specialised machinery. Exports to Taiwan increased by 96.9 per cent, while shipments to the United States grew by 73.2 per cent. India was the notable exception: NODX to that market fell 5.6 per cent, reversing a 23.6 per cent gain in August, a reversal that will warrant monitoring in the months ahead.

Singapore’s non-oil re-exports also expanded robustly, rising 47.8 per cent year-on-year in September, though this represented a slight easing from the 53.2 per cent growth seen in August. Electronic re-exports led the way with a 64.2 per cent surge, while non-electronic re-exports added 22.1 per cent.

The broader trade picture reinforced the same direction of travel. Total merchandise trade expanded 50.8 per cent in September, extending August’s 44.4 per cent rise, with total exports up 51.5 per cent year-on-year and total imports growing 49.9 per cent — a configuration that points to simultaneous strength in both external demand for Singapore’s goods and domestic or re-export-linked import activity.