Singapore NODX down 2.1% in January 2025

This was driven by a fall in non-electronics.

Singapore’s non-oil domestic exports (NODX) decreased 2.1% year-on-year (YoY) in January 2025, following a 9% increase in December.

The decline was driven by a fall in non-electronics, whilst electronics exports grew.

On a YoY basis, electronic NODX rose by 9.6% in January 2025, despite a slowdown from the previous month's 18.6% expansion. Key contributors to the growth were integrated circuits (ICs), personal computers (PCs), and disk media products, which saw increases of 14.6%, 66.7%, and 31.5%, respectively.

In contrast, non-electronic NODX fell by 4.8% in January 2025, reversing the 6.6% growth recorded in December 2024. Notable declines were seen in pharmaceuticals (-53.0%), specialised machinery (-9.9%), and miscellaneous manufactured articles (-20.0%)

Exports to several key markets showed strong growth in January 2025. NODX to Hong Kong surged by 113.3%, building on the previous month's 23.8% increase. This was driven by specialized machinery (+348.8%), ICs (+92.6%), and non-monetary gold (+160.0%).

NODX to the United States rose by 27.8%, following a 30.7% increase in December. The growth was fueled by strong performances in non-monetary gold, disk media products (+189.3%), and medical apparatus (+41.4%).

Exports to Taiwan also expanded by 48.3%, continuing the momentum from December’s 50.8% growth. The increase was attributed to specialized machinery (+176.5%), measuring instruments (+519.4%), and ships and boats structures.