Feature Articles
An Analysis of Singapore’s Nominal Non-Oil Domestic Exports Growth in 2025
10 February 2026
Singapore’s nominal non-oil domestic exports (NODX) grew by 4.8 per cent in 2025. This box article analyses the drivers of this increase by (i) volume versus price effects, (ii) products, and (iii) markets.
Nominal NODX growth in 2025 was supported by an increase in export volume
In 2025, NODX grew by 8.6 per cent in real terms, outstripping its growth in nominal terms (4.8 per cent). This continues the trend since 2023, and underscores the resilience in underlying demand for exports in volume terms even as export prices softened. Notably, the non-oil export price index (EPI) declined for 13 straight quarters from 107.3 in 2Q22 to 91.7 in 3Q25, before staging a modest uptick in 4Q25. The fall in EPI over the quarters was broad-based across major product categories, including machinery & transport equipment and chemicals.