Singapore Trade Balance


Exports rebound in January

In January, non-oil domestic exports (NODX) rose 0.5% over the same month last year. The figure contrasted the 16.3% decline seen in December but came in short of market expectations of a 2.7% increase. As a result, in the 12 months up to January, exports expanded 0.8% over the same period last year (December: +0.5% year-on-year).

Non-electronic exports expanded 3.8% in January (December: -14.8% yoy), driven by printed matter, petrochemicals and non-monetary gold. On the other hand, electronic exports contracted 5.6% (December: -19.1% yoy).

A month-on-month comparison does not corroborate the improvement seen in the annual figures, as exports continued to fall and declined a seasonally adjusted 1.8% (December: -4.2% month-on-month).


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