US Trade Policies and Geopolitics Pose Risks

Announced that Nodx grew 0.2 percent in 2024 from a 13.1 percent contraction in 2023.

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FROM A20

Growth came in below the official forecast of "around 1 percent". EnterpriseSG's 2025 Nodx forecast stood at 1 percent to 3 percent, as it flagged downside risks from a further escalation of geopolitical conflicts and higher uncertainty over US trade policies.

Singapore's Nodx's weaker performance in January was due to a moderation in both electronics and non-electronics shipments, Mr Chua said.

Key electronics shipments rose by 9.6 percent year on year in January, following an 18.6 percent expansion in December 2024.

Growth was underpinned by integrated circuits (14.6 percent), personal computers (66.7 percent) and disk media products (31.5 percent).

Non-electronics Nodx declined by 4.8 percent year on year in January, after the 6.6 percent growth in December 2024. Volatile pharmaceuticals, trailed by specialized machinery and miscellaneous manufactured articles, contributed the most to the drop.