Singapore’s non-oil exports rise 11.6% in November 2025, boosted by pharma and electronics

Singapore’s non-oil domestic exports (NODX) expanded by 11.6% in November 2025 compared with the same month a year earlier, according to data released by Enterprise Singapore (EnterpriseSG) on 17 December 2025.

The increase, while slower than the 21.7% rise recorded in October, exceeded analysts’ expectations. A Reuters poll had forecast a 7.0% increase. The performance was mainly supported by volatile pharmaceutical exports, along with contributions from electronic products such as integrated circuits (ICs) and personal computers (PCs).

EnterpriseSG reported that both electronic and non-electronic segments contributed to the November growth. Over the first 11 months of 2025, NODX rose by 4.8%.

Electronics and pharmaceuticals led the surge

Electronic NODX grew by 13.1% in November, following a 33.1% increase in October. The most significant contributors were integrated circuits, which rose by 22.9%, personal computers by 48.0%, and printed circuit boards by 26.8%.

Non-electronic NODX rose by 11.1% in the same period, after increasing 18.1% the previous month. Pharmaceuticals recorded a sharp rise of 369.8%, with other notable gains in pumps (361.2%) and non-electric engines and motors (123.2%).

Pharmaceuticals alone contributed an increase of S$3.2 billion, making them the single largest driver of growth for the month.

Trade performance by markets

Exports to several major markets recorded strong gains. NODX to the United States grew by 106.0% year-on-year in November, reversing a 12.5% decline in October. This was attributed to a surge in pharmaceutical shipments, structures of ships and boats, and PCs, which grew by 391.5%.

Shipments to the European Union (EU27) rose by 66.3%, supported by pharmaceuticals (266.0%), non-electric engines and motors (842.7%), and measuring instruments (24.9%).

Taiwan also saw continued demand for Singapore exports, with a 15.7% increase driven by integrated circuits (25.2%), disk media products (406.1%), and non-monetary gold.

Conversely, exports to some regional markets declined. NODX to Indonesia fell by 33.9%, Hong Kong by 20.2%, Japan by 27.6%, and Thailand by 15.5%.

Broader trade indicators

Singapore’s total trade expanded by 8.8% year-on-year in November, easing from a 23.1% growth in October. Total exports rose by 10.0%, led by non-oil exports, while oil exports declined by 10.6%. Imports increased by 7.4%.

Non-oil re-exports (NORX) also recorded growth, increasing by 14.5% in November. Electronic NORX grew by 36.0%, supported by strong gains in PCs (214.4%), ICs (13.8%), and telecommunications equipment (67.3%). However, non-electronic NORX declined by 8.6%, mainly due to lower exports of non-monetary gold, petrochemicals, and electrical machinery.

Among re-export markets, Taiwan, Thailand, and the US saw the strongest increases in NORX.