Broker Name: CGS International
Date of Report: March 17, 2026
Excerpt from CGS International report.
Report Summary
- Singapore’s non-oil domestic exports (NODX) slowed to 4.0% year-on-year growth in February 2026 from 9.2% in January, mainly due to weaker non-electronics exports.
- Electronics exports, especially integrated circuits and server components tied to AI demand, remained strong, driven by shipments to East Asia (notably South Korea, Taiwan, and Hong Kong).
- Exports to the US and Indonesia continued to decline, with NODX to the US dropping for the third consecutive month and to Indonesia for the fourth month.
- Singapore’s overall trade surplus narrowed as imports rose faster than exports.
- Rising geopolitical tensions in the Middle East could disrupt key shipping routes, raise freight costs, and dampen global demand, posing risks to Singapore’s export-dependent economy.
- Despite near-term risks, CGS International maintains its 2026 NODX growth forecast at 2.9%, within the official range of 2.0-4.0%.
- Strong AI-related electronics demand remains a key support, but non-electronics exports and external demand from major markets are fragile.
- Macroeconomic forecasts for Singapore show moderate GDP growth, low inflation, and a strong current account surplus through 2027.
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
