Broker Name: CGS International
Date of Report: March 17, 2026<\/p>\n
Excerpt from CGS International report.<\/p>\n
Report Summary<\/p>\n
Singapore\u2019s 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.
\nElectronics 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).
\nExports 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.
\nSingapore\u2019s overall trade surplus narrowed as imports rose faster than exports.
\nRising geopolitical tensions in the Middle East could disrupt key shipping routes, raise freight costs, and dampen global demand, posing risks to Singapore\u2019s export-dependent economy.
\nDespite near-term risks, CGS International maintains its 2026 NODX growth forecast at 2.9%, within the official range of 2.0-4.0%.
\nStrong AI-related electronics demand remains a key support, but non-electronics exports and external demand from major markets are fragile.
\nMacroeconomic forecasts for Singapore show moderate GDP growth, low inflation, and a strong current account surplus through 2027.<\/p>\n