RHB Bank has revised its full-year forecast for Singapore’s Non-Oil Domestic Exports (NODX) growth to 25%, up from the previous estimate of 15.5%. This adjustment follows a robust year-to-date growth of 27.6%, as reported by Barnabas Gan, Group Chief Economist and Head of Market Research at RHB Bank. The stronger export performance is expected to bolster Singapore’s GDP growth forecast, which remains at 5% for the year.
The upward revision is largely attributed to the global technology upcycle, driven by increased digitalisation and the adoption of artificial intelligence (AI). Gan noted that whilst the outlook for Singapore’s NODX in 2026 and 2027 remains positive, the sustainability of this export momentum will depend on the AI investment cycle and the broader global trade environment.
In September, Singapore’s NODX soared by 68.4% year-on-year, with a month-on-month seasonally adjusted increase of 25.5%. This sharp acceleration from August’s revised 46.1% year-on-year rise significantly exceeded both Bloomberg’s and RHB’s forecasts of 32.2% and 31.5%, respectively.
The report highlights the potential for continued growth in Singapore’s exports and manufacturing activities, benefiting from the ongoing global technology trends. However, it also cautions that external factors, such as global trade dynamics, could impact the long-term sustainability of this growth.
