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Singapore Trade February 2024

Singapore: Non-oil domestic exports drop in February

Non-oil domestic exports (NODX) were broadly stable falling just 0.1% over the same month last year in February, contrasting January’s 16.7% jump. The reading was partly distorted by the Lunar New Year holidays, which fell in January last year vs February this year. In seasonally adjusted month-on-month terms, NODX exports fell 4.8% in February, compared to January’s 2.2% increase.

Annual NODX for electronics rose in February, while non-electronics shipments fell. In addition, NODX shipments to top importers fell overall in February, with the only improvement seen in exports to Hong Kong, Indonesia and the U.S.

United Overseas Bank analysts Alvin Liew and Jester Koh said:

“In 2024, the recovery in NODX will be largely driven by base effects given the sharp double-digit y/y decline seen in electronics NODX from November 2022 to September 2023 although the sequential recovery could be challenging in 1H24 given tight financial conditions in the US and EU.”

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