Low global electronics demand sinks NODX growth in 2023

The government expects demand to improve this year.

Non-oil Domestic Exports (NODX) fell 13.1% in 2023 after experiencing a growth of 3% in 2022 due to lower shipments of both electronic and non-electronic products.

In Enterprise Singapore’s Review of 2023 Trade Performance, electronic NODX contracted by 19.7% after a 0.5% increase in 2022. The largest contributors to the decline in electronic NODX were ICs (-26.9%), PCs (-28.5%) and disk media products (-21.1%).

Meanwhile, non-electronic NODX fell by 11.1% after the 3.8% growth in 2022.  The largest contributors to the decline in non-electronic NODX were petrochemicals (-20.1%), specialised machinery (-10.1%) and food preparations (-20.7%).

Singapore's total merchandise trade declined by 11.7% in 2023, after the expansion in 2022. Total merchandise trade reached $1.2t in 2023 down from $1.4t in 2022. Both exports and imports declined by 10.1% and 13.4% respectively last year.

However, the government expects this to improve in 2024 as global electronics demand is expected to gradually recover.