Singapore's non-oil domestic exports (NODX) rose for the fifth consecutive month in January, signaling resilience in the trade-reliant economy despite global trade uncertainties. Enterprise Singapore reported on Monday that NODX increased by 9.3% year-on-year last month. This compares with a 6.1% expansion in December, while the median forecast from a survey of five economists was for a 10.8% gain.

Exports of electronics, a key growth driver for the city-state, surged 56.1% year-on-year in January, accelerating from a 24.9% rise in December, supported by robust artificial intelligence-related demand and a low base effect.

Non-electronic exports declined by 3.0% in January compared to the same period last year, after posting a 0.8% increase in the previous month.

NODX to China, Hong Kong, and the 27-member European Union grew in January, while exports to the United States and Indonesia decreased.

Officials recently raised Singapore's 2026 export forecast, following unexpectedly resilient trade performance last year.

Some economists anticipate the manufacturing sector will remain resilient, supported by the AI boom and regional demand.

In a recent report, Barnabas Gan of RHB Bank noted that stronger electronics and non-electronics exports would provide some support to manufacturing and trade activity.