Singapore NODX drops 2.1% in January as electronic product exports rise while non-electronics decline

SINGAPORE: Singapore’s non-oil domestic exports (NODX) saw a 2.1 per cent decline in January, reversing the 9 per cent growth in December 2024. According to data released by Enterprise Singapore on Monday (Feb 17), the dip came as non-electronics exports fell, though electronics exports grew.

A Reuters poll expected exports to drop by 1.1 per cent, Channel News Asia reported.

Year-on-year (YoY), electronic product exports rose by 9.6 per cent in January, following an 18.6 per cent rise in December. The main growth drivers were exports of integrated circuits (ICs) (14.6 per cent), personal computers (PCs) (66.7 per cent), and disk media products (31.5 per cent).

However, non-electronics exports experienced a 4.8 per cent decline in January, after a 6.6 per cent rise in December last year. The biggest drops were in pharmaceuticals (53 per cent), specialised machinery (9.9 per cent), and miscellaneous manufactured articles (20 per cent).

While NODX to certain markets grew in January— surging by 113.3 per cent to Hong Kong, 27.8 per cent to the United States, and 48.3 per cent to Taiwan by 48.3 per cent, respectively—NODX to China, Indonesia, the European Union, Thailand, and Malaysia dropped.

Non-oil re-exports (NORX) rose by 7.4 per cent in January, following a higher 22.1 per cent growth in December last year. Electronics re-exports also increased by 18.2 per cent, while non-electronic product re-exports fell by 5.7 per cent.

NORX to Taiwan (210 per cent), Malaysia (45.6 per cent) and the United States (39.6 per cent) also grew in January. 

Total trade rose by 6.7 per cent YoY in January after rising 19 per cent in December.

Exports grew by 3 per cent, while imports increased by 11.2 per cent. /TISG

Featured image by Depositphotos