Singapore’s key exports growth eases to 6.1% in December as pharma drags
Singapore's key exports grew by 6.1% year-on-year in December, lower than expected, primarily due to a decline in pharmaceuticals despite strong electronics shipments. This growth follows previous months of double-digit increases, with NODX rising 11.5% in November and 21.1% in October. Economists anticipate continued support for NODX growth from the electronics sector into 2026, prompting UOB to raise its full-year projections. The median estimate for December's growth was 10.1%, according to a Bloomberg poll.
[SINGAPORE] The Republic’s key exports rose by a slower-than-expected 6.1 per cent year on year in December, bolstered by electronics shipments but weighed down by pharmaceuticals, data from Enterprise Singapore (EnterpriseSG) showed on Friday (Jan 16).
The electronics boom is expected to continue supporting non-oil domestic exports (NODX) growth in 2026, economists said, with UOB raising its full-year projection.
The latest print marked moderation from several months of double-digit expansions: NODX grew 11.5 per cent in November; and 21.1 per cent in October. The median estimate for the latest print in a Bloomberg poll of private-sector economists was a 10.1 per cent jump.
