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