Singapore Raises 2026 Export Growth Forecast to 3%–5%

Singapore raised its 2026 forecast for non-oil domestic exports (NODX) growth to 3.0%–5.0%, up from the previously estimated 2.0%–4.0%, supported by a better-than-expected first-quarter performance, particularly in electronics (+57.8%) amid strong AI-related demand. However, the outlook remains clouded by uncertainties from the Middle East conflict and potential re-escalation of trade tensions, Enterprise Singapore said on Monday. Meanwhile, NODX grew 9.6% in the first quarter of 2026, following a 12.7% expansion in the fourth quarter of 2025 and coming in stronger than expected, with electronics surging 57.8%, well above 23.4% growth in the fourth quarter of 2025. By contrast, non-electronic exports fell 3.5%, reversing a 9.4% rise in the fourth quarter. The updated forecast remains consistent with the IMF and WTO’s projection of softer growth in global trade volumes in 2026, while also factoring in high base effects in the latter half of the year, Enterprise Singapore added.

Singapore’s non-oil domestic exports (NODX) jumped 24.5% yoy in April 2026, accelerating sharply from a 15.3% rise in March. This marked the eighth consecutive month of expansion and the fastest growth since February 2012, with electronics continuing to grow strongly (66.7% vs 73.9% in March), supported by robust AI-related demand. Electronic exports were driven mainly by disk media products (148.9%), ICs (82.7%), and PCs (35.7%). Meanwhile, non-electronics grew 10.9%, rebounding sharply from a 0.6% fall in March, due to higher shipments of pharmaceuticals (97.1%), measuring instruments (60.5%), and specialised machinery (23.6%). By destination, shipments increased to South Korea (71.2%), Hong Kong (63.2%), the US (59.6%), China (37.8%), Taiwan (33.5%), Malaysia (19.7%), India (13.0%), Thailand (11.2%), and the EU (33.4%). However, exports to Indonesia plunged by 60.8%. Monthly, NODX climbed 11.0%, after a 3% rise in March, marking the fastest increase since last September.

Singapore’s non-oil domestic exports (NODX) surged 15.3% yoy in March 2026, accelerating sharply from a 4.0% rise in February. This marked the seventh consecutive month of expansion and the fastest growth since October last year, with electronics continuing to grow strongly (74.0% vs. 43.1% in February), supported by robust AI-related demand and a low base a year ago. Electronic exports were boosted mainly by ICs (113.8%), disk media products (78.3%), and PCs (57.3%). Meanwhile, non-electronics declined 0.6%, following a 6.9% fall in February, weighed down by declines in ship and boat structures (-99.8%), food preparations (-42.0%), and pharmaceuticals (-18.4%). By destination, shipments grew to Hong Kong (99.4%), Taiwan (63.1%), South Korea (44.1%), India (27.2%), Malaysia (20.6%), and China (20.3%). However, exports fell to Indonesia (-56.8%), the US (-2.7%), Thailand (-1.0%), and the EU (-11.9%). For Q1, NODX grew 9.6%. Monthly, NODX rose 3.0%, slowing from 3.9% growth in February.