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.