Singapore’s Jan exports up 16.8% y/y, steeper rise than forecast

By Thomson Reuters Feb 15, 2024 | 6:39 PM

SINGAPORE (Reuters) – Singapore’s non-oil domestic exports grew 16.8% in January from the same month a year earlier, official data showed on Friday, aided by growth in both electronic and non-electronic products.

Last month’s increase compared with a Reuters poll forecast of 5.4% growth, reversing the 1.5% contraction seen in December.

In a press release, Entreprise Singapore said the expansion came from “the low base a year ago”.

Non-oil domestic exports amounted to S$13.3 billion ($9.88 billion) in January last year, compared to S$15.5 billion last month.

The expansion continued the growth seen in November, when non-oil domestic exports grew 1% after falling for 13 consecutive months.

On a month-on-month seasonally adjusted basis, non-oil domestic exports grew 2.3% in January, after declining 2.8% in December.

Non-oil exports to the top markets as a whole rose in January.

The biggest expansion was in shipments to China, which grew 101.3% from a year earlier with higher exports of specialised machinery, non-monetary gold and measuring instruments.

($1 = 1.3460 Singapore dollars)

(Reporting by Xinghui Kok: Edting by Ed Davies)