Singapore Non-Oil Exports Rise 9% in December

Singapore's non-oil domestic exports (NODX) rose by 9.0% year-on-year in December 2024, surpassing analyst expectations of 7.8% and building on a 3.4% increase from November. This growth was driven by both electronic exports, which increased by 18.6%, and non-electronic products, including significant gains in non-monetary gold and food preparations. Month-over-month, NODX rose 1.7%, a slowdown from November's 14.7% growth. The data indicates potential resilience in Singapore's trade sector amid concerns about geopolitical tensions and global trade dynamics. Exports to the U.S., Taiwan, and Malaysia grew, while shipments to China and the EU declined. Enterprise Singapore forecasts a modest 1% growth in NODX for the full year of 2024.