FX.co ★ Singapore NODX Growth Below Forecasts

Singapore’s non-oil domestic exports (NODX) rose 20.7% year-on-year in June 2026, easing from May’s 38.4% surge—the fastest pace since December 2003—and undershooting market expectations of 30.2%. This marked the ninth consecutive month of expansion, though it was the slowest growth since March.

Electronics remained the key driver, with exports soaring 105.1% in June, up from 94.8% in May, underpinned by strong AI-related demand. The increase in electronic exports was led by disk media products (170.9%), integrated circuits (ICs) (115.4%), and personal computers (PCs) (95.8%).

In contrast, non-electronic exports contracted 2.9% in June, reversing a 17.7% gain in May. The decline was mainly due to weaker shipments of non-monetary gold (-49.0%), petrochemicals (-27.9%), and food preparations (-38.6%).

By destination, exports increased to Taiwan (123.3%), South Korea (62.9%), Thailand (41.5%), the United States (36.7%), China (7.4%), and the European Union (20.8%).

On a month-on-month seasonally adjusted basis, NODX fell 8.9% in June, reversing a 7.7% rise in May and recording the first monthly decline in six months. For the first half of 2026, NODX grew 18.6%.