Singapore exports set to contract further amid weak demand: economists

SINGAPORE’S key exports are expected to contract further in the coming months amid weakening global demand conditions, and may only start to see improvements in the second half of the year, economists said.

Singapore’s non-oil domestic exports (NODX) tumbled a surprise 20.6 per cent year on year in December to the lowest level since February 2021. Both electronic and non-electronic exports recorded declines, the latest Enterprise Singapore data showed on Tuesday (Jan 17).

The latest print marks the third consecutive month of contraction, and was lower than the 17.5 per cent drop that private-sector economists had expected, according to a Bloomberg poll.