Singapore Trade January 2019


Singapore: Non-oil exports in January record sharpest contraction in 27-months

January 17, 2019

Non-oil domestic exports (NODX) decreased by 10.1% year-on-year in January, contracting at a stronger pace than December’s 8.5% decline. On a month-on-month seasonally-adjusted basis, NODX decreased 5.7% in January after posting a revised 4.0% contraction in December (previously reported: -5.7% month-on-month).

January’s result was underpinned by declines in both electronic and non-electronic NODX, dropping 15.9% and 7.9% respectively. In terms of markets, the drop in NODX to China was 25.4% in January, following December’s 15.4% expansion and mainly driven by steep contractions in non-monetary gold, specialized machinery and measuring instruments. Demand for Singaporean goods in the EU28, South Korea and Hong Kong also contracted. Indeed, exports to all top markets fell.

FocusEconomics Consensus Forecast panelists see overall nominal exports expanding 3.6% in 2019 and imports growing 2.8%, with the trade surplus totaling USD 79.7 billion. For 2020, panelists see exports growing 4.3% and imports climbing 4.1%, with the trade surplus reaching USD 83.7 billion.

Author:, Economist

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Singapore Trade Chart

Singapore Trade January 2019 1

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

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