FX.co ★ Singapore’s Non-Oil Export Growth Cools Sharply to 4% in February YoY

Singapore’s non-oil domestic exports (NODX) growth slowed markedly in February 2026, with year-on-year expansion moderating to 4.00%, down from 9.20% in January 2026. The figures, updated on 17 March 2026, highlight a clear loss of momentum in export performance compared with the start of the year.

Both the current and previous readings are measured on a year-over-year basis, comparing each month’s exports to the same month a year earlier. While January’s 9.20% gain suggested robust external demand or a favourable base effect, February’s weaker 4.00% rise points to a more tempered export environment for Singapore’s non-oil sector.

The deceleration in February’s NODX growth may prompt closer scrutiny of global demand trends and trade conditions, as non-oil exports remain a key barometer of Singapore’s externally driven economy. Policymakers and investors will be watching upcoming data to see whether this slowdown is temporary or the start of a more sustained moderation in export growth.