This article examines Singapore’s performance in our goods exports, particularly non-oil domestic exports (NODX) and non-oil re-exports (NORX), since 2019. It also deep-dives into the market diversification of our non-oil goods exports in the last two decades.

Singapore’s non-oil exports are diversified across markets

Singapore’s non-oil exports (comprising both NODX and NORX) rose from S$444.0 billion in 2019 to S$522.5 billion in 2023, representing an annual average growth rate of 4.2 per cent. In 2023, China, Hong Kong, South Korea and Taiwan collectively accounted for slightly more than one-third of Singapore’s exports, while ASEAN accounted for about one-quarter. Meanwhile, US’ share of Singapore’s non-oil exports came in at over 10 per cent, while that for EU-27 and Japan were around 8 per cent and 5 per cent respectively in 2023.

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