Singapore’s Non-Oil Exports Surge 6.9% in September, Driven by Electronics Boom

Singapore’s non-oil domestic exports (NODX) jumped 6.9% in September 2025 compared to the same month last year, marking a surprising rebound led by strong electronics shipments, according to data released by Enterprise Singapore. The latest figures defied a Reuters forecast that predicted a 2.1% contraction and followed a revised 11.5% decline in August.

Electronics exports saw robust growth, reflecting rising global demand for semiconductors and related components. This sector has been a key driver in Singapore’s trade recovery amid an increasingly volatile global market. The strongest export gains were seen in shipments to Hong Kong, Taiwan, and China, while exports to the European Union, the United States, and Indonesia declined.

Shipments to the U.S. dropped 9.9% year-on-year in September, after plunging 29.1% in August, largely due to Washington’s imposition of a 10% tariff on Singaporean goods. The city-state had earlier accelerated exports and production to cushion the impact of the tariffs, helping its economy outperform expectations in the first half of the year. However, authorities have warned of a potential slowdown in the latter half as trade headwinds intensify.

Enterprise Singapore maintained its full-year forecast for non-oil export growth between 1% and 3%, anticipating softer demand in the second half of 2025. Meanwhile, the country is also preparing for additional sectoral tariffs, including one targeting pharmaceutical exports announced by U.S. President Donald Trump in September. Minister of State for Trade Gan Siow Huang stated that implementation of the new tariff has been delayed to give companies time to negotiate possible exemptions with U.S. authorities.

The latest export surge underscores Singapore’s resilience in navigating shifting trade dynamics and tariff challenges, as the nation continues to leverage its electronics strength and regional trade ties to sustain growth.