N環球 
Singapore's September non-oil exports surge 68.4% year-on-year, far above forecasts
Enterprise Singapore said on Oct. 16 that September NODX jumped 68.4% year-on-year, well above the 32.4% tipped by a Wall Street Journal poll; ship structures and AI-linked electronics drove the gain.
Why it matters
Singapore's non-oil domestic exports (NODX) jumped 68.4% year-on-year in September, Enterprise Singapore said on Oct. 16, extending August's revised 46.1% gain and far exceeding the 32.4% growth tipped by a Wall Street Journal poll of economists. NODX grew 27.6% over the first nine months of 2026.
What drove the gain
Non-electronics NODX rose 54.2% (versus 11.9% in August), led by lumpy shipments of ship and boat structures; non-monetary gold and specialised machinery also contributed. Electronics exports climbed 107.6% (versus a revised 131.6% in August), supported by robust AI-related demand, with disk media products up 312.4%, integrated circuits up 74.7% and personal computers up 149.5%.
Key markets
Nine of Singapore's top 10 markets recorded gains: exports to Hong Kong surged 112.1%, Taiwan rose 96.9%, South Korea 96.0% and the US 73.2%; shipments to India fell 5.6%. Non-oil re-exports grew 47.8%, while total merchandise trade expanded 50.8%.
Full-year context
Enterprise Singapore had already raised its 2026 NODX growth forecast in August to 14%–16%, from 3%–5%; September's data puts nine-month growth at 27.6%, above the top of that annual range. The agency noted the ongoing Middle East conflict poses risks to the broader trade outlook.
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