Singapore: Merchandise trade surplus widens in January
Latest reading: In January, the trade balance was USD +9.8 billion, following a USD +3.5 billion reading in the previous month. Over the last 12 months, the trade balance summed to USD +69.1 billion.
Non-oil domestic exports (NODX) increased 9.3% in year-on-year terms in January, up from a 6.1% expansion in the previous month. January’s reading was below market expectations.
The year-on-year acceleration was driven by higher growth in electronic products exports from the previous month on the back of strong AI-related demand and a low base effect a year ago. In contrast, non-electronic NODX contracted in January. NODX rose to most key markets, except Indonesia and the U.S., with shipments to China, the EU, South Korea, Malaysia, Taiwan, Thailand and India posting double-digit annual growth.
On a seasonally adjusted month-on-month basis, NODX edged up 0.7% in January, coming on the back of a 8.8% fall in the prior month.