Business
Singapore’s non-oil domestic exports fall 2.1% in January, reversing December’s 9% growth
Singapore’s non-oil domestic exports (NODX) declined by 2.1% in January 2025, reversing the 9.0% growth seen in December 2024. While electronic exports increased by 9.6%, non-electronics fell by 4.8%. NODX to Hong Kong, the US, and Taiwan rose, while exports to China and the EU declined.
SINGAPORE: Singapore’s non-oil domestic exports (NODX) fell by 2.1% year-on-year in January 2025, reversing the 9.0% increase recorded in December 2024, according to data released by Enterprise Singapore on Monday (17 February).
While exports of electronics expanded, non-electronic exports declined, contributing to the overall drop.
On a sectoral basis, electronic exports grew by 9.6% year-on-year in January, following an 18.6% increase in December.
The rise was led by integrated circuits (ICs), personal computers (PCs), and disk media products, which expanded by 14.6%, 66.7%, and 31.5%, respectively.
Conversely, non-electronic exports fell by 4.8% in January, after increasing by 6.6% in December.
Pharmaceuticals, specialised machinery, and miscellaneous manufactured articles were the main contributors to the decline, with pharmaceutical exports plummeting 53%, while specialised machinery and miscellaneous manufactured articles contracted by 9.9% and 20%, respectively.
Exports to key markets showed mixed results. NODX to Hong Kong, the United States, and Taiwan recorded significant increases, growing by 113.3%, 27.8%, and 48.3%, respectively.
However, exports to China, Indonesia, the European Union, Thailand, and Malaysia declined.
Singapore’s non-oil re-exports (NORX) continued to rise, registering a 7.4% increase in January following a 22.1% surge in December.
Re-exports of electronic products led the growth with an 18.2% increase, while non-electronic re-exports fell by 5.7%.
NORX to Taiwan, Malaysia, and the United States saw significant gains of 210%, 45.6%, and 39.6%, respectively.
Overall, total trade expanded by 6.7% in January, following a 19% increase in December.
Exports grew by 3%, while imports rose more sharply by 11.2%.
Non-oil trade contributed to this growth, offsetting a decline in oil trade.
The performance of Singapore’s trade sector reflects ongoing shifts in global demand, with electronic products continuing to drive exports despite weaknesses in other sectors.
The decline in non-electronic NODX, particularly in pharmaceuticals, highlights the volatility in certain industries.
