Broker: CGS International
Date of Report: January 16, 2026
Excerpt from CGS International report.
- Singapore’s non-oil domestic exports (NODX) grew 6.1% year-on-year in December 2025, slowing from 11.5% in November, mainly due to softer non-electronics exports.
- Electronics exports remained robust, rising 24.9% year-on-year, led by strong demand for integrated circuits, disk media products, and telecommunications equipment, partially offsetting weakness in non-electronics exports.
- Exports to China, Taiwan, and Malaysia increased, reflecting strong semiconductor and machinery demand, while shipments to the US contracted sharply.
- Singapore’s trade surplus narrowed significantly in December 2025 as import growth outpaced export gains.
- The broker expects NODX growth to moderate to 2.9% year-on-year in 2026 amid softer global demand, tariff effects, and slowing trade from key partners, though AI, data centre, and semiconductor-related exports may remain resilient.
- Singapore’s GDP growth is forecasted at 2.8% in 2026 with headline inflation at 1.5% and the unemployment rate at 2.0%.
Report Summary
- Singapore’s export growth was driven by electronics, particularly semiconductors, but non-electronics and US demand softened.
- 2026 export growth is expected to slow due to weaker global demand and tariffs, though AI and semiconductor sectors may provide some support.
Above is an excerpt from a report by CGS International. Clients of CGS International can be the first to access the full report from the CGS International website: https://www.cgs-cimb.com
