[SINGAPORE] The Republic’s key exports expanded by 6.9 per cent year on year in September, surprising economists who predicted a contraction, data from Enterprise Singapore (EnterpriseSG) showed on Friday (Oct 17).
The latest non-oil domestic exports (NODX) print reversed from the preceding month’s upwardly revised 11.5 per cent drop. Private-sector economists’ median estimate was the decline to be extended with a 2.1 per cent fall on a yearly basis, according to a Bloomberg poll.
Electronics and non-electronics exports both marked growth.
Year on year, electronics exports jumped 30.4 per cent, following the preceding month’s 6.5 per cent decrease. Integrated circuits (34.9 per cent), PCs (58.3 per cent) and disk media products (42.9 per cent) contributed the most to the expansion in electronic NODX.
Meanwhile, non-electronics shipments rose 0.4 per cent, after August’s 13.3 per cent tumble. The main growth drivers were non-monetary gold (82.7 per cent) and specialised machinery (14.1 per cent).
For the first nine months of 2025, overall NODX growth was 2.2 per cent year on year.
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In September, key exports to all but three of Singapore’s top 10 markets increased.
NODX to Indonesia (-10.7 per cent), the US (-9.9 per cent) and the European Union (-20.5 per cent) shrank year on year. Indonesia and the US had marked double-digit falls in August, but the EU had seen double-digit growth in the preceding month, on a yearly basis.
In contrast, NODX to all other markets posted growth in September. This was led by Hong Kong, at 56.3 per cent, followed by Taiwan (31.9 per cent) and China (10.1 per cent). Thailand also recorded double-digit growth.
SEE ALSO
Overall, total trade grew 14.9 per cent year on year in September, following the previous month’s 2.9 per cent increase. Total exports rose 15 per cent; total imports were up 14.8 per cent.
