Singapore’s non-oil domestic exports (NODX) grew 4.0% year-on-year in February 2026, slowing from a marginally revised 9.2% increase in January and coming in below market expectations of 4.9%. This marked the sixth consecutive month of expansion, though it was the weakest in the current uptrend, partly due to distortions from the Lunar New Year period.
Electronics remained the main growth engine, but their expansion moderated to 43.2% from 56.1% previously. The increase was driven by integrated circuits (51.2%), disk media products (96.3%), and personal computers (22.9%).
In contrast, non-electronic NODX shrank more sharply, declining 6.9% after a 3.1% gain in the prior month. The pullback was led by non-monetary gold (-27.4%), food preparations (-51.2%), and petrochemicals (-28.5%).
By destination, exports rose to South Korea (50.5%), Taiwan (31.1%), Hong Kong (21.7%), the European Union (7.7%), and Malaysia (5.5%). However, shipments to China (-1.5%), the United States (-44.8%), India (-15.1%), and Indonesia (-24.7%) declined.
