January’s decline was due to the drop in electronics and non-electronics exports declined as well as high base in January 2022.
Singapore’s non-oil domestic exports (NODX) for the month of January fell by 25.0% y-o-y, making this the fourth straight month of slumps.
The drop, which came close to OCBC Bank's chief economist & head of treasury research & strategy Selena Ling's forecast of -24.6% y-o-y, is also the worst start to the year since 2009, she notes.
