Overview
- The 9.3% year-on-year gain extended December’s 6.1% increase but came in below market forecasts.
- Electronics NODX jumped 56.1%, led by integrated circuits up 80.5%, disk media up 70.2% and PCs up 24%, with growth boosted by a low base tied to last year’s holiday timing.
- Measured in dollars, electronic shipments were about S$3.1 billion in January, below the 2025 monthly average.
- Non-electronics NODX fell 3% from a year earlier, with declines in specialised machinery, food preparations and petrochemicals.
- Exports rose to China, Hong Kong and the European Union but fell to the United States and Indonesia, underscoring uneven external demand and seasonal effects.