Singapore non-oil domestic exports (NODX) -2.1% in January (vs. -1.1% expected, prior +9%)

Singapore’s non-oil domestic exports (NODX) dropped by 2.1% y/y in January compared to the previous year, exceeding the forecasted 1.1% decline and reversing December’s 9% growth.

• The fall was primarily driven by a decrease in non-electronic exports.
• Exports to Hong Kong, the US, and Taiwan rose, while those to China, the EU, and Indonesia declined.

On Friday Enterprise Singapore projected NODX growth of 1% to 3% for 2025 but warned that global economic uncertainties could threaten this outlook.

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Singapore's Non-Oil Domestic Exports (NODX) are a key indicator of the country's export performance, excluding oil-related products. NODX encompasses both electronic and non-electronic goods and reflects the health of Singapore's manufacturing and trade sectors.