Singapore’s non-oil domestic exports (NODX) climbed 11.6% year-on-year in November, significantly outperforming market expectations and underscoring renewed momentum in key manufacturing segments, according to data released by Enterprise Singapore on Wednesday.
The expansion was well ahead of a Reuters poll forecast of a 7.0% increase and followed a revised 21.7% surge in October. Pharmaceuticals emerged as the primary growth driver, supported by steady gains in electronic products such as integrated circuits and personal computers.
Exports to major markets, including the United States, the European Union, and Taiwan recorded strong growth during the month, reflecting resilient external demand for high-value goods. In contrast, shipments to Thailand and Japan declined sharply compared with the same period last year, highlighting continued unevenness across regional trade corridors.
Despite the robust November performance, Enterprise Singapore adopted a measured outlook for the year ahead. The agency narrowed its 2025 NODX growth forecast to “around 2.5%”, refining its earlier projection of between 1% and 3%. Officials noted that strong artificial intelligence-related demand and elevated gold prices are expected to lend support to export activity toward the end of the year.
At the macroeconomic level, Singapore’s Ministry of Trade and Industry reiterated its expectation that the economy will expand by about 4.0% in 2025, supported by external demand and the continued recovery of trade-related sectors.
While global economic uncertainty and geopolitical risks remain, November’s export data suggests that Singapore’s trade engine continues to benefit from its strengths in advanced manufacturing, pharmaceuticals, and electronics sectors that remain critical to the city-state’s economic resilience.