Singapore’s external trade experienced a slowdown in February 2026, with non-oil domestic exports (NODX) increasing by 4% year-on-year, following a robust 9.2% growth in January. The rise in NODX was primarily driven by a significant 43.2% increase in electronic exports, notably integrated circuits (ICs) and disk media products, according to Enterprise Singapore.
The non-electronic segment, however, saw a decline of 6.9%, with non-monetary gold, food preparations, and petrochemicals contributing to the decrease. Despite the mixed performance, NODX grew by 6.7% over January and February, smoothing out the impact of the shifting Lunar New Year holidays.
Non-oil re-exports (NORX) rose by 21.9% in February, easing from a 51.3% expansion in January. Electronics led this growth, with a 40.9% increase, whilst non-electronics saw a modest rise of 0.5%. Key electronic drivers included personal computers (PCs) and telecommunications equipment.
Total merchandise trade grew by 13.6% in February, a moderation from the 23.8% expansion in January. Both exports and imports contributed to this growth, with non-oil exports increasing by 16.4%, although oil exports declined by 16.3%.
The top markets for NODX included South Korea, Taiwan, and Hong Kong, which saw significant growth, whilst exports to the US, Indonesia, India, and China declined. Notably, NODX to South Korea expanded by 50.5%, driven by non-monetary gold, ICs, and pharmaceuticals.
This data highlights the ongoing challenges and opportunities within Singapore’s trade landscape, with electronics continuing to play a pivotal role in driving export growth.
