FX.co ★ Singapore NODX Growth Strongest Since 1988

Singapore’s non-oil domestic exports (NODX) surged 46.2% year-on-year in August 2026, quickening sharply from a downwardly revised 24.1% increase in July and far exceeding market expectations of 35%. This marked the twelfth consecutive month of expansion and the strongest growth since October 1988, underpinned by robust demand for electronics, particularly in AI-related segments.

Electronics exports jumped 131.8% in August, up from 112% in July, led by disk media products (290.2%), personal computers (237.9%), and integrated circuits (90.9%). Non-electronics exports also returned to growth, rising 12.0% after a 2.4% contraction in July, supported by higher shipments of non-monetary gold (67.0%), specialised machinery (57.7%), and medical apparatus (22.1%).

By destination, exports increased to the US (91.0%), South Korea (87.1%), China (70.3%), Hong Kong (62.9%), Taiwan (58.5%), Malaysia (39.3%), and Indonesia (24.5%), but declined slightly to the EU (-1.7%). On a month-on-month basis, NODX rebounded 10.9% after a 0.3% drop in July, registering the fastest pace of growth in four months.