Singapore: NODX rise for a fifth straight month: Nothin‘ but a good time ...

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Singapore: NODX rise for a fifth straight month: Nothin‘ but a good time ...

J P M O R G A N Asia Pacific Economic Research

17 June 2026

Singapore: NODX rise for a fifth

straight month

Nothin’ but a good time ...

… and it don’t get better than this: In seasonally adjusted terms, Singapore’s Economic Research

non-oil domestic exports (NODX) rose for a fifth straight month in May, climbing Siddharth Jamad

another 7.8%m/m, sa following an already sharp 12.8% jump in April (Table 1). (65) 6807-5503

The uninterrupted streak of gains since the start of the year, despite the Middle East siddharth.jamad@jpmorgan.com

conflict, has lifted NODX's 3m/3m momentum to 85.6%ar – the strongest since JPMorgan Chase Bank, N.A., Singapore Branch

early-2003 – and their annual pace to 40.6%oya (J.P. Morgan: 34.1%oya,

consensus: 32.5%oya) (Figure 1).

NODX strength remains tech-driven … In terms of product composition,

NODX strength remained skewed towards tech, with electronics exports up

another 7.6%m/m, sa, although the noisy pharmaceutical exports also built on their

April strength and are back above their average 2025 level following a brief

hangover at the start of the year (Figure 2). Including May, monthly tech gains have

averaged a double-digit 10.4% over the past six months, which has pushed their

3m/3m momentum up to a stunning 221.4%ar. Meanwhile, non-tech, non-pharma

exports pared back their April gains (-9.7%m/m, sa), and their 3m/3m momentum

sank back into contractionary territory (Figure 3).

As we also highlighted last month, the ongoing strength in Singapore’s tech exports

reflects broad-based gains across semiconductors, servers and server-related

products, as well as disk media devices – underscoring the breadth of AI-related

hardware demand (Figure 4).