Broker Name: CGS International
Date of Report: March 17, 2026
Excerpt from CGS International report.
- Singapore’s non-oil domestic exports (NODX) growth slowed to 4.0% year-on-year in February 2026, mainly due to a contraction in non-electronic exports, while electronics exports remained robust, driven by strong global AI-related chip demand.
- Exports to East Asia surged, especially integrated circuits to South Korea and Taiwan, but shipments to the US and Indonesia continued to contract sharply.
- Rising geopolitical tensions in the Middle East pose downside risks to Singapore’s export outlook due to potential shipping disruptions and higher oil prices, but the full-year NODX growth forecast is maintained at 2.9%.
- Singapore’s trade surplus narrowed in February as imports rose faster than exports.
- In 2026, Singapore’s economic fundamentals are expected to remain resilient, with moderate GDP growth, low inflation, and a strong current account balance.
Report Summary
- Singapore’s NODX growth slowed in February 2026 due to weaker non-electronic exports, but electronics shipments—especially semiconductors—remained strong thanks to AI demand.
- Risks to export growth remain due to the Middle East conflict, which could disrupt trade flows and raise costs, but Singapore’s overall trade outlook for 2026 is steady, supported by robust regional electronics demand and stable economic fundamentals.
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
