FX.co ★ Singapore NODX Growth Accelerates in July

Singapore’s non-oil domestic exports (NODX) surged 24.2% year-on-year in July 2026, quickening from an upwardly revised 20.8% increase in June. This marked the eleventh consecutive month of expansion, underpinned by a strong performance in electronics (112.1% vs. 105.1% in June), supported by sustained AI-related demand. Within electronics, exports of disk media products (339.1%), personal computers (120.8%), and integrated circuits (84.5%) recorded particularly sharp gains.

In contrast, non-electronic NODX declined 2.3% in July, following a 2.8% contraction in June, weighed down by weaker shipments of pharmaceuticals (-56.7%), petrochemicals (-22.5%), and food preparations (-17.9%).

By destination, exports grew strongly to the United States (62.8%), South Korea (53.3%), Hong Kong (36.4%), Taiwan (32.4%), Thailand (18.0%), and India (13.0%), but tumbled to the European Union (-35.5%).

In May, Singapore raised its 2026 NODX growth forecast to 3.0%–5.0%, up from the previous projection of 2.0%–4.0%. On a month-on-month seasonally adjusted basis, however, NODX slipped 0.3% in July, after an 8.9% decline in June, marking a second consecutive monthly fall.