RHB Bank’s latest Global Economics and Market Strategy Report, authored by Barnabas Gan, Group Chief Economist and Head of Market Research, predicts a 3% growth in Singapore’s non-oil domestic exports (NODX) for 2026. This forecast aligns with the official projection range of 2% to 4%. The report highlights that Singapore’s manufacturing and trade sectors are expected to remain robust, driven by strong external demand and an improved global outlook. However, potential challenges such as escalating geopolitical tensions and an AI-driven market correction could impact trade momentum.
In January, Singapore’s NODX expanded by 9.3% year-on-year, following a 6.1% growth in December, though it fell short of Bloomberg’s estimate of 12%. Electronic NODX saw a significant surge of 56.1% year-on-year, whilst non-electronic NODX declined by 3% in the same period.
The report underscores the cautious optimism surrounding Singapore’s trade performance, emphasising the need to navigate potential risks whilst capitalising on favourable external conditions. As Singapore continues to bolster its manufacturing and trade sectors, the focus remains on maintaining resilience amidst global uncertainties.
Looking ahead, the report suggests that whilst the outlook is positive, stakeholders should remain vigilant to external factors that could influence Singapore’s trade dynamics in the coming year.
