Total exports declined 1.6 percent to SGD 42.43 billion, following a 0.7 percent contraction in December as a rise in non-oil domestic exports was not enough to offset a decline in oil exports.
Non-oil domestic exports (NODX) rose by 4.3 percent in January, compared to a 2.3 percent growth in the previous month, due to an expansion in both electronic and non-electronic. Electronic sales increased by 5.0 percent, after a 0.4 percent growth in the preceding month, largely due to higher exports of ICs (+32.0 percent), diodes & transistors (+31.7 percent) and disk media products (+15.8 percent). Non-electronic NODX expanded by 4.0 percent, following a 3.2 percent increase in the preceding month, boosted by pharmaceuticals (+25.9 percent), pumps (+210.1 percent) and non-electronic engines & motors.
Oil exports fell 33.3 percent, following a 22.0 percent contraction a month ago. The year-on-year decline of oil exports was mainly due to lower sales to Hong Kong (-50.2 percent), Indonesia (-43.3 percent) and Panama (-50.6 percent).
Non-oil re-exports (NORX) rose by 12.7 percent in January, compared to a 8.7 percent expansion in the previous month, due to an increase in both electronic and non-electronic NORX. Electronic NORX increased by 23.5 percent following a 10.9 percent rise in the preceding month, due to ICs (+30.9 percent), telecommunications equipment (+33.6 percent) and part of PCs (+16.3 percent). Non-electronic NORX increased by 2.0 percent in January, following a 6.3 percent growth in the previous month, largely due to a rise in nickel (+2,043.1 percent), printed matter (+430.2 percent) and electrical machinery (+49.8 percent).
NODX to top ten markets in January increased on an annual basis except for Japan and Indonesia. The top three contributors in the month were the EU countries, Hong Kong and China. NODX to the EU countries increased, led by pharmaceuticals (+70.2 percent), non-electric engines & motors (+1,923.9 percent). NODX to Hong Kong expanded by 17.4 percent, due to ICs (+94.6 percent), printed matter (+54.0 percent) and PCs (+242.9 percent). Those to China grew by 4.5 percent, due to pumps (+2,595.3 percent), ICs (+26.2 percent) and heating&cooling equipment (+2,272.9 percent).
NORX to top ten markets rose except to the EU countries and Malaysia. The top three contributors in the month were Hong Kong (+40.8 percent), China (+43.8 percent) and Taiwan (+25.8 percent).
Year-on-year, imports decreased 13.4 percent to SGD 33.93 billion in January, following a 1.4 percent fall in the previous month.
In December, Singapore posted a SGD 4.46 billion trade surplus.