Singapore Raises 2026 Exports Growth Forecast
By Megan Cheah
Singapore raised its 2026 projection for non-oil domestic exports, bolstered by resilient artificial-intelligence demand, but flagged risks from a prolonged Middle East conflict and possible trade friction.
The city-state's non-oil domestic exports are forecast to grow 3.0% to 5.0% this year, up from the 2.0% to 4.0% growth previously estimated, said Enterprise Singapore on Monday.
It attributed the stronger projection to robust AI-related demand, which has supported the global economy. A smaller-than-expected drag from tariffs is also supporting trade volumes.
These have spurred upgrades to full-year global trade growth forecasts by the World Trade Organization and International Monetary Fund, it said.
Meanwhile, Singapore's NODX growth so far this year has beaten expectations, with the first quarter delivering 9.6% growth thank to a surge in the electronics segment, Enterprise Singapore added.
"The updated forecast remains consistent with the IMF and WTO's projection of softer growth in global trade volumes in 2026, while also factoring in high base effects in the latter half of the year," the statutory board said.
Still, protracted fighting in the Middle East and a potential re-escalation of trade tensions could weigh on Singapore's exports, it added.
Meanwhile, the city-state maintained its 2026 economic growth forecast after a stronger-than-expected first quarter.
Write to Megan Cheah at megan.cheah@wsj.com
(END) Dow Jones Newswires
May 24, 2026 21:28 ET (01:28 GMT)
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