Non-oil exports rose by 12.8% in January

Oil domestic exports continue to contract.

Non-oil domestic exports (NODX) rose by 12.8% in January, following the 6.8% growth recorded in December 2020, according to trade agency Enterprise Singapore.

Non-electronic NODX rose by 12.5% YoY in January with specialised machinery, non-monetary gold and petrochemicals, contributing most to the increase, whilst electronic products grew by 13.5% from a low base a year ago after a 13.7% expansion in December 2020.

Meanwhile, oil domestic exports contracted by 37.8% in January 2021 amidst lower oil prices following the 19.3% decline in the preceding month. Lower exports to Malaysia, Indonesia and Panama contributed most to the YoY contraction of oil domestic products.

In volume terms, oil domestic exports contracted by 27.3% in January 2021, following the 1.6% decline in the previous month.