Singapore’s non-oil domestic exports (NODX) are projected to grow by 2% in 2025, according to RHB Bank’s latest Global Economics and Market Strategy Report. This revision marks an increase from the previous forecast of no growth, highlighting the resilience in regional demand as a critical factor for Singapore’s external sector. Despite the positive outlook, RHB maintains a cautious stance on the broader trade environment.
In June 2025, Singapore’s NODX surged by 13% year-on-year, with a month-on-month seasonally adjusted increase of 14.3%. This sharp rebound follows a 3.9% year-on-year decline in May and surpasses Bloomberg’s estimates of a 5% year-on-year increase. Barnabas Gan, RHB’s Group Chief Economist and Head of Market Research, emphasised the significance of these figures, noting the ongoing strength in regional demand.
The report underscores the importance of Singapore’s trade performance amidst global economic uncertainties. Whilst the upgraded forecast reflects optimism, the bank advises a measured approach given the complexities of the global trade landscape. The resilience of Singapore’s NODX is seen as a positive indicator, yet the broader trade outlook remains cautious.
As the year progresses, the performance of Singapore’s NODX will be closely monitored, with potential implications for the country’s economic strategy and regional trade relations.
“`
