FX.co ★ Singapore NODX Rises the Most Since 2012

Singapore’s non-oil domestic exports (NODX) surged 24.5% year-on-year in April 2026, up sharply from a 15.3% increase in March. This was the eighth consecutive month of expansion and the strongest growth since February 2012, underpinned by continued strength in electronics (66.7% vs 73.9% in March), supported by robust AI-related demand.

Within electronics, growth was led by disk media products (148.9%), integrated circuits (ICs, 82.7%), and personal computers (PCs, 35.7%). Non-electronic NODX also rebounded strongly, rising 10.9% after a 0.6% decline in March, driven by higher exports of pharmaceuticals (97.1%), measuring instruments (60.5%), and specialised machinery (23.6%).

By destination, shipments increased to South Korea (71.2%), Hong Kong (63.2%), the United States (59.6%), China (37.8%), Taiwan (33.5%), Malaysia (19.7%), India (13.0%), Thailand (11.2%), and the European Union (33.4%). In contrast, exports to Indonesia slumped by 60.8%.

On a month-on-month basis, NODX climbed 11.0% in April, following a 3.0% gain in March, marking the fastest pace of increase since September.