Singapore's exports declined the most over two years in January, figures from Enterprise Singapore showed on Monday.
Non-oil domestic exports, or NODX, dropped 10.1 percent year-on-year following an 8.5 percent decline in December. The latest decline was the biggest since 2016. NODX decreased for a third straight month.
Both electronics and non-electronics NODX declined in January. Electronic NODX declined by 15.9 percent in January, after the 11.2 percent fall in the previous month.
Non-electronic NODX dropped 7.9 percent in January, following the 7.4 percent decrease in December.
The agency attributed the latest fall in the NODX mainly to lower demand from the EU, China, South Korea and Hong Kong. Exports to the majority of the top markets declined in December, except the Malaysia, Indonesia and US.
On a month-on-month basis, seasonally adjusted NODX fell 5.7 percent in January after a 4.0 percent decline in the previous month.
Total trade rose 4.3 percent in January after a 1.6 percent growth in the preceding month. Imports grew 8 percent and exports increased 1 percent.
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