Singapore Trade Balance February 2021


Singapore: Non-oil exports grow for third month running in February

March 17, 2021

Non-oil domestic exports (NODX) grew 4.2% over the same month last year in February (January: +12.7% year-on-year). February’s result marked the third straight month of growth, but nevertheless fell short of market expectations. February’s slowdown was primarily driven by milder growth in electronics exports. In terms of markets, exports to China, South Korea and Taiwan grew in a sign of stronger regional demand, while exports fell to Japan, the U.S. and the EU.

In seasonally-adjusted month-on-month terms, NODX exports rose 8.2% in February, accelerating from January’s 6.9% increase.

Looking ahead, Barnabas Gan, economist at United Overseas Bank, remains optimistic regarding export growth in 2021:

“The improving global economic backdrop and rising oil prices are strong drivers to lift Singapore’s export momentum in 2021. This suggests that shipments in products that had been lacklustre may turn more positive in the year ahead. With more clarity on NODX in the first two months of 2021, we expect full-year NODX growth at 1.0% in 2021, led by exports of telecommunications equipment, personal computers and consumer electronics.”

FocusEconomics Consensus Forecast panelists project exports to total USD 450.0 billion in 2021 and rise to USD 483.0 billion in 2022.

Author:, Economist

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Singapore Trade Balance Chart

Singapore Trade February 2021

Note: Year-on-year and seasonally-adjusted month-on-month variation of non-oil domestic exports in %.
Source: Statistics Singapore (Singstat), International Enterprise (IE) Singapore and FocusEconomics calculations.

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