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Singapore Trade Balance January 2022

Singapore: Non-oil domestic exports (NODX) growth eases in January

Non-oil domestic exports (NODX) grew 17.6% year-on-year in January, slowing from December’s 18.6% increase. The result marked the fourteenth successive month of growth—driven by a continued increase in electronics exports—and came in above market expectations. In terms of markets, exports to China, Indonesia, Malaysia and Taiwan grew in a sign of continued strength in regional demand, although exports to Thailand fell.

In seasonally-adjusted month-on-month terms, NODX exports increased 5.0% in January, up from December’s 2.6% rise.

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