Singapore Trade January 2016


Singapore: Exports fall at sharper rate in January

February 17, 2016

In January, non-oil domestic exports (NODX) fell a sharp 9.9% over the same month last year, which followed the 7.2% decrease tallied in December and marked the lowest reading in almost a year. The result undershot the softer 7.4% decline that the markets had expected.

January’s increase reflected deteriorations in half of the country’s top 10 export markets. Exports to China, Singapore’s largest export recipient, Taiwan and Hong Kong particularly suffered in January. According to International Enterprise (IE) Singapore, January’s result reflected deteriorations in both electronics and non-electronic shipments compared to December. Exports of electronic products in January fell 0.6%, which followed the 0.3% decrease tallied in the previous month. Meanwhile, non-electronics fell 13.9%, which was a sharper drop than the 10.3% decline recorded in December.

On a month-on-month seasonally-adjusted basis, exports rose 0.7% in January, which contrasted December’s 2.6% decrease.

FocusEconomics Consensus Forecast panelists see overall nominal exports expanding 40.2% in 2016, which would bring exports to a total of USD 402 billion. For 2017, the panel foresees exports growing 2.3% and thus reaching a total of USD 411 billion by the end of the year.

Author:, Economist

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Singapore Trade Chart

Singapore Trade January 2016

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

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