S'pore key exports rise 9.3% in Jan amid electronics surge due to AI

Analysts say CNY may cause some volatility in Q1, but are optimistic about overall exports

- Benjamin Lim Correspondent

Singapore’s key exports saw further gains in January as electronics shipments surged on strong demand related to artificial intelligence (AI).

Analysts cautioned that there may be some volatility in the first quarter of 2026 owing to the Chinese New Year festive period in February, but remained optimistic that overall exports will continue to be bolstered by global AI-related tailwinds.

Non-oil domestic exports (NODX) expanded 9.3 per cent, extending from the 6.1 per cent increase in December, according to figures released by Enterprise Singapore on Feb 16.

The increase, though, fell short of the 13.5 per cent rise forecast by analysts in a Bloomberg poll.

Electronics exports jumped 56.1 per cent, albeit from a low base a year ago, with Chinese New Year falling in January in 2025. Electronics NODX stood at $3.1 billion that month, below the 2025 monthly average. Integrated circuits exports expanded the most, at 80.5 per cent, while disk media products rose 70.2 per cent, and PC exports rose 24 per cent.