Singapore's non-oil domestic exports (NODX) increased by 9.3% in January compared with the same month a year earlier, Enterprise Singapore (EnterpriseSG) said on Monday, February 16.
The expansion was driven largely by a surge in electronics shipments, which grew 56.1% in January — more than double December's pace. EnterpriseSG attributed the strong performance mainly to robust demand linked to artificial intelligence (AI) applications and a low base of comparison.
However, the overall export growth fell short of market expectations. A Reuters poll had forecast a 12.1% increase. Non-electronic NODX declined by 3% during the month.
Selena Ling, chief economist and head of OCBC group research, noted that January's NODX figures also came in below both the bank's and Bloomberg's projections.
Within the electronics segment, integrated circuits (ICs), disk media products and personal computers (PCs) were the main contributors. Exports of ICs jumped 80.5%, while disk media products and PCs rose 70.2% and 24% respectively.
"The near-term prognosis for electronics demand, especially semiconductor, remains underpinned by the global upswing for AI, cloud and high-performance computing chip demand," Ling said, as quoted by CNA.
By contrast, non-electronic NODX recorded a year-on-year decline in January, weighed down by specialised machinery, food preparations and petrochemicals, which fell 15.6%, 49.2% and 24.5% respectively.
EnterpriseSG noted that non-monetary gold bucked the trend, rising by S$300 million (US$237 million), supported by elevated gold prices and stronger safe-haven demand amid global economic uncertainty.
Among key markets, exports to China, Hong Kong, the European Union (EU), Taiwan, South Korea, Malaysia and Thailand registered substantial increases. NODX to China grew 37.1% in January, while shipments to Hong Kong and the EU rose 34% and 43.7% respectively. Exports to the United States, however, declined further compared with the preceding month.
On a broader basis, total trade expanded by 23.8% year-on-year in January, as both exports and imports recorded growth.
EnterpriseSG last week upgraded its 2026 NODX growth forecast to between 2% and 4%, from an earlier range of 0% to 2%. The agency said momentum in electronic exports is expected to extend into 2026.
Ling added that NODX is likely to contract by 0.4% year-on-year in February due to seasonal effects from Chinese New Year but is projected to rebound by 3.5% in March. This would bring first-quarter growth to an estimated 4.3%.
