RHB Bank has announced that it will keep its full-year Non-Oil Domestic Exports (NODX) growth projection at 0.0%, alongside maintaining a Gross Domestic Product (GDP) forecast of 2.0% for Singapore, despite recent developments in US tariff policies. This decision comes as NODX experienced a significant surge of 12.4% year-on-year in April, exceeding market expectations of a 4.3% increase and marking a sharp acceleration from March’s 5.4% rise.
The report, attributed to Barnabas Gan, Group Chief Economist and Head of Market Research at RHB Bank, highlights a cautious stance towards Singapore’s export-oriented sectors, including chemicals, machinery and transport, and manufacturing. These sectors are expected to face broader fallout due to uncertainties surrounding tariff policies.
Gan’s analysis underscores the resilience of Singapore’s export performance in April, despite the looming challenges posed by tariff discussions. The month-on-month seasonally adjusted growth also showed a robust 10.4% increase, further indicating the strength of the export sector.
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