Singapore’s key exports fall by 3.3% in Q3 after four straight quarters of growth

Electronics grew at a moderate pace of 7.1 per cent year-on-year in the third quarter, compared with the 10.5 per cent growth in the previous quarter.

Key contributors to the electronics growth were PCs, integrated circuits and disk drives, which grew by 69.5 per cent, 9.2 per cent and 16.5 per cent, respectively.

Exports to the the US, Indonesia and China also declined in the third quarter.

Enterprise Singapore also narrowed the 2025 forecast to around 2.5 per cent from an earlier projection of between 1 to 3 per cent.

In the first three quarters of 2025, NODX grew by 2.2 per cent, in sync with expectations of a moderation in the second half of the year.

“Robust AI-related demand and high gold prices are expected to provide some support to NODX in 4Q 2025, though the high base in November and December last year may weigh on performance,” said Enterprise Singapore.

It expects NODX to grow by 0 to 2 per cent in 2026.

It noted that the World Trade Organization expects global merchandise trade to grow at a slower rate of 0.5 per cent in 2026 compared to 2.4 per cent in the previous year.

This slowdown primarily reflects the materialisation of tariff-related impact and the easing of frontloading effects, it added.

“Downside risks include potential re-escalation of tariff actions as well as sector-specific tariffs that could raise global economic uncertainty and dampen demand,” it added.