Singapore’s key exports chart surprise 2.1% slide in January on Chinese New Year distortions

SINGAPORE’S non-oil domestic exports (NODX) surprised in January as it declined 2.1 per cent year on year, following two months of growth, data from Enterprise Singapore (EnterpriseSG) showed on Monday (Feb 17).

But economists attributed the drop to January 2024’s high base, as Chinese New Year fell later last year, in February, compared to this year’s late January.

The weak performance should not be too much of a concern, considering the timing, said HSBC Asean economist Yun Liu.