RHB Bank has maintained its full-year forecast for Singapore’s non-oil domestic exports (NODX) growth at 7.5% for 2026, citing potential upside risks. The bank’s Group Chief Economist and Head of Market Research, Barnabas Gan, highlighted the robust year-to-date growth of 18.1% and the strong performance in the electronics sector as key drivers for this optimistic outlook.
In May, Singapore’s NODX experienced a remarkable 38.4% year-on-year increase, a significant acceleration from the revised 24.4% growth in April. This figure surpassed Bloomberg’s estimate of 30.5% year-on-year growth, indicating a strong upward trend in the nation’s export activities.
Despite the positive outlook, RHB Bank remains cautious about external uncertainties, particularly the potential impact of US Section 301 tariffs on Singapore’s exports. However, Gan expressed confidence that these tariffs would be manageable, maintaining an optimistic view on Singapore’s trade and manufacturing sectors.
The report underscores the importance of monitoring global economic conditions, which could influence Singapore’s trade dynamics. As the year progresses, the bank will continue to assess these external factors and their potential impact on the nation’s economic performance.
