FX.co ★ Singapore Raises 2026 Export Growth Forecast to 3%–5%

Singapore has raised its 2026 forecast for non-oil domestic exports (NODX) growth to 3.0%–5.0%, up from the earlier projection of 2.0%–4.0%. The upgrade reflects a stronger-than-expected performance in the first quarter, driven in particular by electronics exports, which surged 57.8% on robust AI-related demand. Nonetheless, the outlook remains uncertain due to risks stemming from the conflict in the Middle East and the possibility of renewed trade tensions, Enterprise Singapore said on Monday.

In the first quarter of 2026, NODX expanded by 9.6%, following a 12.7% increase in the fourth quarter of 2025 and exceeding earlier expectations. Electronics exports led the gains, jumping 57.8%, compared with 23.4% growth in the previous quarter. In contrast, non-electronic exports declined 3.5%, reversing a 9.4% rise recorded in the fourth quarter of 2025.