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China Economy News Singapore

Singapore’s Exports to China Surge

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Singapore’s key exports had a better-than-expected performance in January. Non-oil domestic exports (Nodx) rose 16.8%, led by a jump in shipments of specialized machinery to make semiconductors, and non-monetary gold, data from Enterprise Singapore (EnterpriseSG) on Feb 16 reveals.

The rise was from a relatively low base, as Nodx in January 2023 fell 25.1% year-on-year amid the Chinese New Year.

The expansion in January came after a 1.5% drop in December, exceeding the 4.3% growth forecasted by a Bloomberg poll.

“This brings Nodx seasonally adjusted levels to $14.9 billion in January 2024, the highest since April 2023,” said DBS economist Chua Han Teng.

Both electronics and non-electronics exports grew, and exports to China surged 101.3%, driven by specialized machinery, non-monetary gold and measuring instruments.

Read this news HERE.

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