Singapore’s key exports up 11.6% in November, exceeding forecasts

[SINGAPORE] The Republic’s key exports expanded 11.6 per cent year on year in November, exceeding market expectations of single-digit growth, data from Enterprise Singapore showed on Wednesday (Dec 17).

November’s expansion moderates from October’s downwardly revised 21.7 per cent growth. Private-sector economists had projected a 6.8 per cent year-on-year expansion, a Bloomberg poll indicated.

The expansion was led primarily by volatile pharmaceuticals and supported by electronic products, such as integrated circuits and PCs, said EnterpriseSG.

Both electronics and non-electronics exports grew in November. This brings non-oil domestic exports (NODX) growth for the first 11 months of 2025 to 4.8 per cent year on year.

Electronics exports jumped 13.1 per cent on the year, extending the preceding month’s 33.1 per cent increase. Integrated circuits (22.9 per cent), PCs (48 per cent) and bare printed circuit boards (26.8 per cent) contributed the most to the expansion in electronic NODX.

Meanwhile, non-electronics shipments rose 11.1 per cent, after October’s 18.1 per cent increase. The main growth drivers were pharmaceuticals (369.8 per cent), pumps (361.2 per cent) and non-electric engines and motors (123.2 per cent).

In November, key exports to all but four of Singapore’s top 10 markets rose.

NODX to Indonesia contracted by the largest extent at 33.9 per cent, reversing a 13 per cent expansion the previous month. This was followed by Japan at 27.6 per cent contraction, extending a 0.3 per cent decline the month before.

In contrast, NODX to all other markets posted growth in November. This was led by the United States at 106 per cent, followed by European Union (66.3 per cent), Taiwan (15.7 per cent) and South Korea (12.6 per cent), while China and Malaysia posted single-digit growth.

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Overall, total trade grew 8.8 per cent year on year last month, extending the previous month’s 23.1 per cent expansion.