Singapore’s NODX experienced a notable increase of 9.3% year-on-year in January 2026, according to a report by UOB Global Economics and Markets Research. This growth, although softer than Bloomberg’s 12% consensus and UOB’s 10.2% projection, was primarily fuelled by a surge in electronics exports, which climbed 56.1% year-on-year. Key contributors included integrated circuits, disk drives, and personal computers, benefiting from favourable base effects.
Electronics exports were particularly strong to South Korea, Taiwan, and China, with growth rates of 31.6%, 34.2%, and 37.1% year-on-year, respectively. This was attributed to sustained AI-related demand. However, exports to the US saw a significant decline of 45.3% year-on-year, likely due to the lingering effects of US tariffs.
Non-electronics exports, on the other hand, contracted by 3% year-on-year, impacted by declines in specialised machinery, food preparations, and petrochemicals. Despite this, the overall outlook remains positive, with AI-related momentum expected to persist through the first half of 2026. UOB has revised its 2026 NODX growth projection to 5%, up from the previous 3%, surpassing the official estimate range of 2% to 4%.
The report highlights that Singapore’s electronics purchasing managers’ index (PMI) rose to 51.1 in January, indicating firm demand momentum. Additionally, Taiwan’s tech exports to the US continued to accelerate, and major tech companies have announced increased capital expenditure for data centres in 2026. These factors suggest a robust outlook for Singapore’s export sector in the coming months.
