18.08.202500:35:07UTC+00Singapore NODX Drops the Most in 9 Months

In July 2025, Singapore experienced a 4.6% decline in its non-oil domestic exports (NODX) compared to the previous year, following a revised 12.9% increase in June. This decline marks the third instance of downturn this year and represents the sharpest contraction since October 2024. The decrease was driven mainly by a 6.6% drop in non-electronic exports, which had previously seen a 14.4% increase in June. Notable reductions were observed in the sectors of pharmaceuticals, with an 18.9% decline, petrochemicals at 23.4%, and food preparations, which fell 26.3%. Conversely, electronic exports saw a growth of 2.8%, significantly lower than the 8.0% rise in June, due to strong performances in personal computers (80.4%), integrated circuits (25.8%), and printed circuit boards (8.0%).

The export market faced additional pressure due to a significant 42.7% reduction in shipments to the United States, influenced by newly implemented American tariffs. Exports to other key markets also fell, including Indonesia by 32.2%, Thailand by 21.8%, China by 12.2%, Malaysia by 9.8%, and Japan by 3.3%. On a month-to-month basis, NODX decreased by 6.0%, reversing a previously reported 14.2% growth in June.