RHB Bank has projected a 2% growth in Singapore’s non-oil domestic exports (NODX) for 2025, according to its 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, also forecasts a 3% growth in the manufacturing sector. Despite these positive projections, the bank remains wary of external risks, particularly uncertainties surrounding US trade policies and potential trade tensions that could impact Singapore’s trade performance.
In January 2025, Singapore’s NODX experienced a 2.1% year-on-year decline, reversing a 9% growth observed in December 2024. This drop was contrary to market expectations, which had anticipated a modest 0.3% year-on-year increase. The month-on-month seasonally adjusted figure also fell by 3.3%.
Gan highlighted the cautious optimism in the report, noting the potential challenges posed by global trade dynamics. “We remain cautiously optimistic about Singapore’s NODX performance,” he stated, emphasising the need to monitor external factors closely.
The report underscores the importance of understanding global trade developments and their potential impact on Singapore’s economy. As the year progresses, stakeholders will be keenly observing how these projections align with actual performance, especially in light of evolving international trade relations.
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