Singapore skyline

Singapore Trade Balance February 2021

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

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.”

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest