Singapore’s non-oil domestic exports (NODX) are set for a 2% growth in 2025, according to RHB’s latest economic research. This marks an upgrade from the previous forecast of 0% growth, highlighting the continued resilience in regional demand as a key factor supporting 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, a significant rebound from a 3.9% decline in May, and surpassed Bloomberg’s estimates of a 5% increase. This robust performance underscores the strength of regional demand, which remains a critical anchor for the country’s trade activities.
Barnabas Gan, RHB’s Group Chief Economist and Head of Market Research, noted the importance of these figures, stating, “The latest data reaffirms a key trend: Resilience in regional demand continues to be a critical anchor for Singapore’s external sector.”
The upgrade in NODX growth forecast is significant as it reflects the potential for sustained economic momentum in Singapore, driven by strong regional demand. However, the cautious outlook on the broader trade environment suggests that external uncertainties may still pose challenges.
Looking ahead, the upgraded forecast for NODX growth could have positive implications for Singapore’s economic performance in 2025, provided that regional demand remains robust and external conditions do not deteriorate significantly.
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