Singapore Trade January 2017


Singapore: Strong exports growth continues in January

February 17, 2017

In January, non-oil domestic exports (NODX) grew 8.6% from the same month last year, following December’s stronger 9.1% expansion. The result surprised analysts on the upside, beating market expectations of a 7.0% expansion.

January’s reading resulted from expansions in eight out of the country’s top ten export markets—all except Malaysia and the EU. It reflected a strong expansion in shipments of non-electronic NODX and a robust increase in exports of electronic products. Exports of electronic products grew 6.1%, which followed the 5.7% increase seen in the previous month. Meanwhile, non-electronic exports grew 9.9%, which followed December’s 10.7% expansion.

On a month-on-month seasonally-adjusted basis, exports expanded 5.0% in January, which contrasted December’s 2.4% contraction.

FocusEconomics Consensus Forecast panelists see overall nominal exports expanding 1.4% in 2017, which would bring exports to a total of USD 353 billion. For 2018, the panel foresees exports growing 5.8% and reaching a total of USD 373 billion by the end of the year.

Author: Massimo Bassetti, Economist

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Singapore Trade Chart

Singapore Trade January 2017

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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