Electronics sector loses momentum as NODX slips in January: expert

NODX contracted by -3.3% MoM in January, marking the first decline after two months of growth.

The dip in Singapore's non-oil domestic exports (NODX) in January 2025 reflects a technical pullback following a strong performance in November and December 2024, when exports expanded by +12.6% and +1.3%, respectively.

According to data from UOB Global Economics & Markets Research, NODX contracted by -3.3% MoM in January, marking the first decline after two months of growth.

On a YoY basis, exports dipped by -2.1%, reversing the +9.0% increase in December 2024. Analysts attribute the weaker performance to less favourable base effects and seasonal factors linked to the earlier Chinese New Year this year.

The electronics sector, which had been a key growth engine in late 2024, saw YoY growth slow to +9.6% in January—down from +18.6% in December.

The base effects from 2022 and 2023's strong performance are now fading, UOB said, limiting the potential for continued double-digit growth.

Integrated circuits, the largest electronics export segment, expanded by +14.6% YoY, while personal computer exports grew by +66.7% YoY—both slower than the previous month.

Despite these challenges, UOB has maintained its NODX growth forecast at +1.5% for 2025. This projection aligns with Enterprise Singapore's official estimate of +1.0% to +3.0% growth for the year.

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