Singapore's non-oil domestic exports (NODX) rose 9% year-on-year in December 2024, up from 3.4% in November, driven by strong demand for electronics and non-electronic goods, according to data released by Enterprise Singapore on Friday.
Key growth markets included the US, Taiwan, and Japan, while exports declined to China and the EU. Overall trade expanded 19%, reflecting a steady recovery in external demand.
Electronics exports increased 12.5%, supported by semiconductors and telecommunications equipment, while non-electronics shipments, such as pharmaceuticals and petrochemicals, climbed 7.8%.
However, a downturn in demand from China and the EU underscores ongoing global economic uncertainties, including shifts in supply chain dynamics and geopolitical pressures.
Global trade growth forecasts for 2024 and 2025 remain cautiously optimistic, with the WTO projecting 2.7% and 3%, respectively.
While Singapore's export recovery aligns with broader regional trends, challenges like protectionism and uneven growth in key markets could threaten sustained momentum.
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