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Singapore Trade Balance February 2022

Singapore: Non-oil domestic exports (NODX) growth falls to six-month low in February

Non-oil domestic exports (NODX) grew 9.5% year-on-year in February, slowing from January’s 17.6% increase. The result marked the fifteenth successive month of growth—driven by a continued increase in electronics exports—yet came in below market expectations. In terms of markets, exports to China, the EU, Malaysia and Japan grew, while exports to Hong Kong and South Korea fell.

In seasonally-adjusted month-on-month terms, NODX exports decreased 2.8% in February, contrasting January’s 5.0% increase.

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