Official data released on Friday revealed a robust growth in Singapore's non-oil domestic exports, registering a notable increase of 16.8% compared to the same period last year. This growth, outperforming expectations, was supported by gains in both electronic and non-electronic products.
The substantial rise in exports in January, exceeding the forecasted 5.4% growth from a Reuters poll, marks a significant turnaround from the 1.5% contraction observed in December. According to Entreprise Singapore, this expansion is attributed to a favorable comparison with the low base recorded a year ago.
In January last year, non-oil domestic exports amounted to S$13.3 billion, whereas the latest data shows an increase to S$15.5 billion for the same month this year. This trend follows the growth momentum observed in November when non-oil domestic exports recorded a 1% increase after a prolonged period of decline spanning 13 consecutive months.
Furthermore, on a month-on-month seasonally adjusted basis, non-oil domestic exports saw a 2.3% uptick in January, rebounding from a 2.8% decline in December.
The report also highlights the positive performance of non-oil exports to major markets, with notable growth observed in shipments to China. Exports to China surged by 101.3% compared to the previous year, driven by increased exports of specialized machinery, non-monetary gold, and measuring instruments.
