FX.co ★ Singapore’s Non-Oil Exports Slip 1.8% in February, Reversing January Gain

Singapore’s non-oil domestic exports (NODX) fell 1.8% month-over-month in February 2026, marking a reversal from the 2.9% increase recorded in January 2026. The latest data, updated on 17 March 2026, indicate a softening in export momentum after a strong start to the year.

On a month-over-month basis, the February result shows that export activity contracted compared with January, when non-oil exports had expanded notably from the previous month. The shift from 2.9% growth in January to a 1.8% decline in February underscores increased volatility in Singapore’s external sector.

The figures are based on a month-over-month comparison, where the “actual” reading reflects the change in February versus January, and the “previous” reading captures the change in January versus the month before. This sequential weakening could raise questions about the durability of recent export gains as Singapore’s trade-reliant economy navigates shifting global demand conditions.