Singapore’s exports surge 22% in October, strongest growth this year

Singapore’s export performance picked up sharply in October, offering a stronger signal that demand across several key sectors is starting to stabilise. Fresh data released by Enterprise Singapore showed that non-oil domestic exports rose 22.2% from a year earlier—a noticeably stronger result than most economists had pencilled in. Both Bloomberg and Reuters surveys had pointed to a much milder increase of around 7.5%.

What stood out in October was that the improvement was broad-based. Electronics continued their strong run, supported by the global tech recovery that has been underway for several months. Shipments of personal computers saw the biggest lift, jumping 77.7%, while exports of integrated circuits grew 40.9%. These gains helped extend the momentum seen in September.

Non-electronics also played a large role in October’s upswing. The most striking movement came from non-monetary gold exports, which climbed 176.8%. Gold flows typically fluctuate from month to month, but the surge contributed meaningfully to the headline number. Pharmaceuticals also posted solid growth of 25.2%, adding another layer of support.

The picture across Singapore’s major trading partners was mixed. Exports to Taiwan, Thailand and Hong Kong improved again, suggesting a steady pick-up in regional demand. However, shipments to Japan and the United States continued to soften. Exports to the US fell 12.5%, extending the declines seen earlier in the year.

Even with the uneven performance across markets, Singapore’s overall trade activity remained firm. Total trade for October expanded 23.2%, helped by the strong uplift in both exports and imports. With NODX now up 4.1% for the first ten months of 2025, the year is shaping up more positively than many had expected at the start of the second half.