FX.co ★ Singapore Cuts 2025 NODX Growth Forecast to 2.5%

Singapore has adjusted its 2025 growth forecast for non-oil domestic exports (NODX) to approximately 2.5%, a revision from its earlier estimate of 1% to 3%. In its quarterly trade performance assessment released on Friday, Enterprise Singapore indicated that strong demand related to artificial intelligence and elevated gold prices are expected to bolster exports in the fourth quarter. However, the high baseline established in November and December 2024 may exert pressure on performance. Looking ahead to 2026, Enterprise Singapore anticipates a more restrained NODX growth ranging from 0% to 2%. This outlook is tempered by potential risks, including the possibility of renewed tariff escalations and sector-specific tariffs, which could heighten global economic uncertainty and curb demand, as stated by the agency. Additionally, in the third quarter of 2025, NODX experienced a 3.3% decline year-on-year, a shift from the 7% increase seen in the second quarter. This downturn was driven by a decrease in non-electronic goods (-6.5% versus a 5.9% rise in Q2), while the expansion of electronic products slowed to 7.1% from 10.5%.