Singapore’s non-oil domestic exports (NODX) are projected to grow by 2% year-on-year, according to RHB Bank’s latest Global Economics and Market Strategy Report. The report, attributed to Barnabas Gan, Acting Group Chief Economist and Head of Market Research at RHB Bank, highlights the benefits of a resilient global economy and easing monetary conditions on Singapore’s export sector.
In February 2025, Singapore’s NODX expanded by 7.6% year-on-year, recovering from a 2.1% decline in January. This growth, however, fell short of the market consensus of a 9.7% increase. Month-on-month, seasonally adjusted figures showed a 2.6% rise.
Despite the positive outlook, RHB remains cautious due to potential challenges posed by US trade protectionist policies and the risk of escalating global tariff conflicts. These factors could potentially impact Singapore’s export performance in the coming months.
Gan noted the importance of monitoring these developments closely, stating, “We maintain our forecast for NODX to grow by 2.0% YoY with exports set to benefit from a resilient global economy and easing monetary conditions.”
The report underscores the need for vigilance amidst global trade uncertainties, even as Singapore’s export sector demonstrates resilience. Looking ahead, the potential impact of international trade policies will be a key factor to watch in determining the trajectory of Singapore’s NODX growth.
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