Singapore’s non-oil domestic exports (NODX) could experience a slowdown in the coming months, according to a report by RHB Bank’s Group Chief Economist and Head of Market Research, Barnabas Gan. The report highlights concerns over geopolitical tensions, particularly in the Middle East, and tariff-related risks that may impact Singapore’s trade performance.
In February, Singapore’s NODX rose by 4.0% year-on-year, a decrease from the 9.2% growth seen in January, and fell short of Bloomberg’s estimate of 5.3%. Electronic NODX showed a significant moderation, growing by 43.2% year-on-year, whilst non-electronic NODX contracted by 6.9% year-on-year.
Gan emphasised that the ongoing geopolitical noise and external risks related to tariffs could negatively affect Singapore’s growth and trade, especially if Middle East tensions worsen into the first half of 2026. Despite these challenges, RHB maintains its full-year NODX growth forecast for 2026 at 3.0%.
The report serves as a cautionary note for Singapore’s trade outlook, urging stakeholders to remain vigilant amidst the evolving global economic landscape. As geopolitical and tariff-related uncertainties persist, the potential impact on Singapore’s trade dynamics remains a key concern for the months ahead.
