Broker: CGS International
Date of Report: October 17, 2025

Excerpt from CGS International report.

Report Summary

• Singapore’s non-oil domestic exports (NODX) rebounded strongly by 6.9% year-on-year in September 2025, driven by surges in electronics (especially integrated circuits and personal computers), specialised machinery, and gold exports, particularly to Asia.
• Despite the rebound, the improvement is seen as short-term and possibly due to restocking, with underlying risks such as weak demand from the US and EU and ongoing global trade uncertainties; CGS International maintains its 2025 NODX growth forecast at 3.3% year-on-year, expecting growth to moderate towards the end of the year.

Above is an excerpt from a report by CGS International. Clients of CGS International can be the first to access the full report from the CGS International website : https://www.cgs-cimb.com