Singapore’s non-oil domestic exports (NODX) rose 9.3% yoy in January 2026, accelerating from 6.1% in the prior month but missing market forecasts of 13.5%. The latest figure marked the fifth straight month of expansion in NODX, with exports of electronics quickening sharply (56.1% vs 24.9% in December) amid a low base a year ago and strong AI-related demand such as ICs (80.5%), disk media products (70.2%), and PCs (24.0%). In contrast, non-electronic NODX declined (- 3.0% vs 0.8%), dragged by specialised machinery (-15.6%), food preparations (-49.2%), and petrochemicals (-24.5%). NODX sales grew to China (37.1%), Hong Kong (34.0%), the EU (43.7%), Taiwan (34.2%), South Korea (31.6%), Malaysia (23.2%), and India (26.4%).In contrast, sales fell to the U.S. (-45.3%) and Indonesia (-16.9%). Monthly, NODX grew 0.7%, reversing a downwardly revised 8.8% rise in December.