RHB Bank has revised its full-year forecast for Singapore’s non-oil domestic exports (NODX) to 11.5%, up from the previous estimate of 7.5%. This adjustment comes as a result of a robust year-to-date performance, with NODX averaging an impressive 18.6% in the first half of the year. The announcement was made by Barnabas Gan, Group Chief Economist and Head of Market Research at RHB Bank.
The sustained strength in electronics exports is anticipated to be a major contributor to Singapore’s NODX performance throughout 2026. Recent trade data highlights the resilience of regional demand, which continues to be a crucial factor supporting Singapore’s external sector. In June, Singapore’s NODX grew by 20.7% year-on-year, although it experienced a month-on-month seasonally adjusted decline of 8.9%. This growth rate was a moderation from the 38.4% year-on-year increase observed in May and fell short of Bloomberg’s estimate of 28.7% year-on-year.
Gan’s report underscores the importance of electronics in driving export growth and the role of regional demand in bolstering Singapore’s trade sector. As the year progresses, these factors are expected to maintain their influence, potentially leading to further adjustments in economic forecasts.
Looking ahead, the revised forecast suggests a positive outlook for Singapore’s trade performance, with electronics exports and regional demand continuing to play pivotal roles in shaping the country’s economic landscape.
