Broker Name: CGS International
Date of Report: April 17, 2026

Excerpt from CGS International report.

Report Summary

• Key Idea: Singapore’s non-oil domestic exports (NODX) surged 15.3% YoY in March 2026, driven primarily by robust electronics shipments, especially integrated circuits (ICs) linked to sustained AI demand. Non-electronics exports remained weak.
• Forecast: CGS International maintains its 2026 NODX growth forecast at 2.9%, within Enterprise Singapore’s 2.0-4.0% range.
• Risks: Downside risks include potential escalation of the US-Iran conflict, which could lead to higher oil prices, shipping disruptions, and increased export volatility. Electronics demand could soften if global growth falters.
• No stock-specific actionable BUY/SELL calls or target prices were disclosed in this report.

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.cgsi.com/