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Singapore’s Key Exports Rise 11.6% in November, Beating Forecasts on Pharma and Tech

Enterprise Singapore expects growth to cool in 2026 due to tariffs and fading front‑loading.

Overview

  • Non-oil domestic exports rose 11.6 percent year on year in November, topping market forecasts after a revised 21.7 percent jump in October.
  • Electronics exports increased 13.1 percent, led by integrated circuits up 22.9 percent, personal computers up 48 percent, and bare printed circuit boards up 26.8 percent.
  • Non-electronic shipments grew 11.1 percent, with pharmaceuticals surging 369.8 percent, pumps up 361.2 percent, and non-electric engines and motors up 123.2 percent.
  • Exports to the United States climbed 106 percent, the Eurozone rose 66.3 percent, and Taiwan gained 15.7 percent, while shipments to Indonesia, Hong Kong, Japan and Thailand fell.
  • NODX is up 4.8 percent for the first 11 months of 2025, and the trade agency’s guidance points to about 2.5 percent growth for 2025 and 0 to 2 percent in 2026.