Balance of trade · Singapore
Singapore Non-Oil Exports YoY
The Singapore Non-Oil Exports YoY shows the difference between the value of goods (and sometimes services) that Singapore sells abroad and what it buys from abroad, or the growth of exports and imports.
- Importance
- Low
- Released
- Monthly
- Next release
- Currency
- SGD · Singapore dollar
- Central bank
- The Monetary Authority of Singapore
- Moves
- BRENT-JAN27 · BRENTCASH# · CHFSGD# · EURSGD# · GBPSGD# · NZDSGD# · SGDJPY# · USDSGD
Latest figures
The latest release for SEP, published on 16 October 2026, came in at 68.4%, above the consensus of 33.8%, up from 46.1% the time before (revised).
A larger surplus (or smaller deficit) than expected tends to support the Singapore dollar.
Over the last 12 releases it ranged from 4.0% to 68.4%, averaging 24.2%; it has been rising for three releases in a row.
| Released | For | Actual | Consensus | Previous |
|---|---|---|---|---|
| 16 Oct 2026 | SEP | 68.4% | 33.8% | 46.1% ® |
| 17 Sep 2026 | AUG | 46.2% | 35% | 24.1% ® |
| 17 Aug 2026 | JUL | 24.2% | – | 20.8% ® |
| 17 Jul 2026 | JUN | 20.7% | 30.2% | 38.4% |
| 17 Jun 2026 | MAY | 38.4% | 30.0% | 24.4% ® |
| 18 May 2026 | APR | 24.5% | – | 15.3% |
| 17 Apr 2026 | MAR | 15.3% | – | 4% |
| 17 Mar 2026 | FEB | 4% | 4.9% | 9.2% ® |
| 16 Feb 2026 | JAN | 9.3% | 13.5% | 6.1% |
| 16 Jan 2026 | DEC | 6.1% | 10% | 11.5% ® |
| 17 Dec 2025 | NOV | 11.6% | – | 21.7% ® |
| 17 Nov 2025 | OCT | 22.2% | – | 7% ® |
Why it matters
Exports are a big part of demand for open economies (Germany, China, Japan, Korea, the Netherlands). A larger surplus means more foreign demand for the Singapore dollar; strong imports signal domestic demand. China's figures are read as a gauge of world demand.
How it is calculated
Customs records the value of goods crossing the border; services come from surveys. The balance is exports minus imports, usually seasonally adjusted.
Trade balance = exports − importsWhat changes mean
- Look at exports and imports separately: a wider surplus from collapsing imports is a sign of weak domestic demand, not strength.
- Exchange-rate moves take months to affect trade volumes (the J-curve).
Higher than expected: A larger surplus (or smaller deficit) than expected tends to support the Singapore dollar.
Lower than expected: A smaller surplus (or larger deficit) than expected tends to weigh on the Singapore dollar.
A short history
Trade balances were the obsession of mercantilism in the 16th–18th centuries; David Hume's price-specie flow mechanism (1752) explained why surpluses tend to correct themselves.
MAS steers the Singapore dollar's exchange rate rather than an interest rate.
Questions
What is the Singapore Non-Oil Exports YoY?
The Singapore Non-Oil Exports YoY shows the difference between the value of goods (and sometimes services) that Singapore sells abroad and what it buys from abroad, or the growth of exports and imports.
What was the latest Singapore Non-Oil Exports YoY?
68.4% for SEP, published on 16 October 2026 (consensus 33.8%, previous 46.1%).
When is the next Singapore Non-Oil Exports YoY?
On Tuesday 17 November 2026 at 00:30 UTC.
Educational content only, not investment advice. Figures are the published results as recorded by our calendar; market reactions described are typical, not guaranteed.