FX.co ★ Singapore NODX Rises the Most in 9 Months

Singapore experienced a remarkable 12.4% year-on-year surge in non-oil domestic exports (NODX) in April 2025, significantly surpassing the anticipated 4.0% increase and following a 5.4% rise the previous month. This marks the third consecutive month of export growth, achieving the fastest expansion since last July. The boost in exports was driven by increases in both electronics and non-electronics sectors. Electronic exports leapt by 23.5%, escalating from a 12.2% growth in March, fueled by robust sales of personal computers (124.3%), disk media products (33.0%), and integrated circuits (23.2%). Meanwhile, exports of non-electronics rose by 3.9%, slightly up from a 3.7% increase in March, with significant contributions from non-monetary gold (80.4%) and ships, boats, and specialized machinery (7.2%). Export destinations that saw growth include Indonesia (111.2%), Taiwan (47.7%), South Korea (38.1%), Hong Kong (26.4%), Thailand (10.5%), Japan (6.4%), the US (1.2%), and the EU (6.2%), while exports to China declined by 17.0%. On a monthly basis, NODX soared 10.4%, rebounding notably from a revised 7.5% decrease in March.