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Singapore's non-oil domestic exports (NODX) fell 2.1% year-on-year in January 2025, driven by a decline in non-electronic shipments, according to data from Enterprise Singapore. This drop exceeded a Reuters poll forecast of a 1.1% decrease and followed a 9.0% rise in December 2024.
While specific month-on-month seasonally adjusted data was not provided, NODX to major markets such as Hong Kong, the United States, and Taiwan showed year-on-year growth in January. However, exports to China, the European Union, and Indonesia saw declines, highlighting the uneven demand across global markets.
Enterprise Singapore, in its statement on Friday, projected NODX growth between 1% and 3% for 2025. However, the agency cautioned that ongoing uncertainties in the global economy, including geopolitical tensions and supply chain disruptions, could impact this outlook.
The drop in non-electronic exports underscores the challenges faced by Singapore’s trade-reliant economy amid fluctuating global demand. Key sectors, particularly manufacturing and logistics, are closely monitoring these developments as they navigate volatile market conditions.
The mixed performance across key trading partners reflects shifting economic dynamics, with stronger demand from the U.S. and Hong Kong offset by weaker demand from China and the EU.
As Singapore’s economy remains sensitive to global trade trends, businesses are urged to stay agile. Enterprise Singapore continues to support exporters through various initiatives aimed at enhancing competitiveness and resilience.
With global uncertainties persisting, Singapore’s trade outlook remains cautious, even as modest growth is anticipated for the year.
