RHB Bank’s latest Global Economics and Market Strategy Report, authored by Barnabas Gan, Group Chief Economist and Head of Market Research, projects a 3% growth in Singapore’s non-oil domestic exports (NODX) for 2026. This forecast is consistent with the bank’s GDP growth projection for the same year. The report highlights that external demand conditions are expected to remain supportive, driven by the continued expansion in global industrial production and generally positive economic sentiment.
In December, Singapore’s NODX expanded by 6.1% year-on-year, a decrease from the 11.5% growth observed in November. This figure fell short of RHB’s in-house projection of 9.7% and Bloomberg’s forecast of 10.1%. Despite this, the overall NODX growth for 2025 was recorded at 4.85%, a significant increase from the 0.25% growth in 2024.
The report underscores the importance of external demand in sustaining Singapore’s export growth, with global industrial production playing a crucial role. As the world economy continues to recover, Singapore’s export sector is poised to benefit from these favourable conditions.
Looking ahead, the anticipated 3% growth in NODX for 2026 reflects a stable outlook for Singapore’s export sector, supported by robust global demand and positive economic trends.
