Singapore NODX Falls the Most in 17 Months

Singapore’s non-oil domestic exports (NODX) unexpectedly slumped 11.3% year-on-year in August 2025, following an upwardly revised 4.7% decline in July. This marked the fourth contraction so far this year and the steepest drop since March 2024, weighed down by declines in both electronic and non-electronic exports. Non-electronic exports plunged 13.0% yoy (vs -6.7% in July), weighed down by sharp declines in food preparations (-51.4%), specialised machinery (-29.1%), and petrochemicals (-23.2%). Meanwhile, electronic exports fell 6.5%, reversing a 2.7% gain in July, due to decreases in shipments of PCs (-36.9%), disk media products (-28.1%), and ICs (-7.4%). Shipment slumped to the US (-28.8%), dampened by newly imposed American tariffs. Exports also dropped to Indonesia (-39.6%), China (-21.5%), Hong Kong (-20.9%), and Thailand (-20.0%). By contrast, exports grew to South Korea (24.8%), Taiwan (9.1%), and the EU (28.9%). Monthly, NODX dropped by 8.9%, following a 6% fall in July.