Strong growth driven by non-monetary gold shipments and increased demand from China, Hong Kong, and the U.S.
Singapore’s non-oil domestic exports (NODX) saw an impressive 16.8% year-on-year (yoy) increase in January, significantly surpassing market projections of 4.3%. This growth, reported by Enterprise Singapore on February 16, was primarily fueled by a surge in non-monetary gold shipments and heightened demand from key markets, including China, Hong Kong, and the United States.
January’s performance marked a strong rebound from the previous month’s 1.5% decline and benefited from a low base effect due to last year’s 25.1% slump during the Chinese New Year period. On a seasonally adjusted monthly basis, NODX rose by 2.3% to S$14.9 billion, reversing the 1.7% contraction recorded in December.
While both electronic and non-electronic exports expanded, the most notable increase came from non-electronic goods, which soared by 21.2% yoy. Non-monetary gold exports, particularly to China and Hong Kong, skyrocketed by 198.7%, while specialized machinery exports also saw a strong 41.1% boost.
Electronic exports, though less dynamic, registered their first growth since July 2022, edging up 0.7% yoy—an improvement from December’s 11.7% contraction.
Among Singapore’s top export destinations, shipments to China more than doubled, reaching S$3.35 billion, the highest level since August 2020. Hong Kong saw a 60.8% yoy increase in imports from Singapore, extending its previous month’s 36.1% growth.
These latest figures underscore Singapore’s resilience in global trade, reflecting strong external demand and a rebound in key sectors despite ongoing economic uncertainties.
