Singapore's January Exports Unexpectedly Fall 2.1%

Singapore's non-oil domestic exports unexpectedly fell 2.1% year-on-year in January, defying forecasts and ending December's strong growth streak, reports Reuters.

The decline, revealed in data released Monday, is greater than the 1.1% drop predicted by a Reuters poll and contrasts sharply with the 9.0% surge recorded in December 2024.

Enterprise Singapore, the agency responsible for the data, has yet to release month-on-month seasonally adjusted export figures. However, the agency's statement highlights mixed performance across key markets. Non-oil domestic exports to Hong Kong, the United States, and Taiwan all saw year-on-year increases in January. Conversely, exports to China, the European Union, and Indonesia experienced declines.

This performance underscores the mixed global economic landscape impacting the city-state's export sector. Despite the unexpected dip, Enterprise Singapore maintains its forecast of 1% to 3% growth in non-oil domestic exports for the entirety of 2025. However, the agency acknowledges significant uncertainties in the global economy, potentially creating downside risks to this prediction.