（Singapore, 17.11.2025）Singapore’s export sector delivered a pleasant surprise in October, with key shipments recording their strongest jump in more than a year and offering much-needed encouragement after months of volatility. The latest trade figures show that the Republic’s exporters are finding their footing again, powered largely by a resurgence in global electronics demand and a notable boost from non-monetary gold flows.
Data released by Enterprise Singapore on Nov 17 showed that non-oil domestic exports (Nodx) rose by an impressive 22.2 per cent from a year earlier. This marks a significant acceleration from September’s revised 7 per cent growth and easily beats the 7.5 per cent increase economists had predicted in a Bloomberg poll. The strength of last month’s performance suggests that Singapore’s external sector is benefitting from both cyclical improvements in technology demand and strategic shifts in regional trade flows.
The October figures continue the momentum seen in September, when Nodx unexpectedly rose 6.9 per cent after falling sharply in August. Economists had expected September’s numbers to contract, but electronics turned out to be the bright spark then – a trend that strengthened further in October.
In October, electronics exports increased by 33.2 per cent compared with a year ago, following an already robust 30.4 per cent rise in September. Demand for personal computers was particularly striking, climbing 77.7 per cent. Shipments of disk media products grew 31.4 per cent, while integrated circuits – long regarded as the lifeblood of Singapore’s electronics industry – expanded 40.9 per cent.
Analysts say this rebound in electronics is partly due to a low base last year, but more importantly, it is tied to global developments that have lifted demand for chips and computing hardware.
Non-electronics exports, which had been relatively subdued in September, also delivered solid results. They rose 18.8 per cent in October, compared with a slight 0.5 per cent increase the previous month. The improvement was driven by a 176.8 per cent jump in non-monetary gold shipments – a category that tends to swing widely from month to month – as well as growth in pharmaceuticals and specialised machinery. Pharmaceutical shipments increased 25.2 per cent, while specialised machinery exports rose 16.1 per cent.
Strong regional demand played a major role in propelling Singapore’s overall export performance. Exports to Taiwan climbed 61.5 per cent in October, thanks to surging shipments of specialised machinery, integrated circuits and disk media products. Thailand also recorded an exceptionally strong month with a 91.1 per cent increase, driven by steep rises in non-monetary gold, electronics and printed circuit boards. Meanwhile, shipments to Hong Kong grew 66.9 per cent, supported by large gains in integrated circuits and machinery.
These increases come on top of similar momentum seen in September, when exports to Hong Kong rose 56.3 per cent and those to Taiwan jumped 31.9 per cent. Some analysts note that the strength in these markets reflects how companies across the region are re-routing their supply chains in response to ongoing trade tensions between the United States and China.
However, Singapore’s exports to several Western markets remain under pressure. Shipments to the United States – the city-state’s largest export destination – fell 12.5 per cent in October. Exports to Japan slipped slightly by 0.1 per cent. In September, shipments to the European Union had also been a major drag, tumbling 20.5 per cent.
Economists caution that despite the upbeat October figures, the broader external outlook is still clouded by geopolitical risks. With the US and China once again raising tariffs on each other’s goods, trade flows are expected to remain choppy in the coming months.
Market watchers caution that the recent surge in exports may not necessarily point to a full and sustained recovery. Some analysts note that part of the rebound could simply be making up for August’s steep decline. They also highlight that companies are increasingly re-routing goods through Asian hubs, including Singapore, to navigate tariff-related disruptions — a shift that may have temporarily boosted certain categories of trade.
Behind the strong headline numbers, analysts warn that exporters continue to face challenges. Order books have been thinning, profit margins remain under pressure, and uncertainty over potential year-end tariff changes is still weighing on business planning.
Even so, economists generally expect Singapore’s exports to hold up reasonably well in the fourth quarter. The global appetite for semiconductors and data-related equipment remains firm, and Singapore’s pharmaceutical industry may benefit from expected tariff exemptions in the United States.
For now, October’s strong performance offers reassurance that Singapore’s trade sector – the backbone of its externally oriented economy – is showing resilience. The path ahead may be uneven, but the latest data suggests that exporters are adapting quickly, leveraging shifting supply chains across Asia and riding the wave of renewed electronics demand.
