Review of 3Q 2025 Trade Performance
First published 21 Nov 2025 / Last updated 21 Nov 2025
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: Review of 3Q 2025 Trade Performance
MR No.: 055/25
Singapore, Friday, 21 November 2025
Highlights
NODX
• Declined by 3.3% in 3Q 2025, after the 7.0% increase in 2Q 2025.
NORX
• Increased by 18.1% in 3Q 2025, following the 24.8% expansion in the previous quarter.
Total Merchandise Trade
• Grew by 8.5% in 3Q 2025, extending the 7.0% increase in 2Q 2025.
2025 and 2026 NODX Forecasts
• 2025: Narrowed to “around +2.5%”, in sync with expectations of a moderation in 2H 2025 (1H 2025: +5.1%).
• 2026: NODX is expected to grow by “0.0% to +2.0%”, in line with the World Trade Organisation (WTO)’s projection of slower merchandise trade growth in 2026 than in 2025.
Total Services Trade
• Grew by 0.8% in 3Q 2025, following the 2.3% increase in 2Q 2025.
Click here to read the full report.
Click here for infographic on the key statistics.
