Singapore: Exports boosted by electronics cycle – DBS

DBS Group Research expects Singapore’s non-oil domestic exports to rise for a seventh consecutive month in March 2026, accelerating to 10.3% year-on-year from 4.0% in February. Electronics exports are seen outperforming on global AI demand, while non-electronics may rebound as Lunar New Year base effects fade, though petrochemicals likely face pressure from a Middle East-related naphtha supply crunch.

NODX growth led by electronics

"We expect Singapore’s non-oil domestic exports (NODX) to sustain growth for a seventh consecutive month in March 2026, expanding by a faster pace of 10.3% yoy, compared with 4.0% yoy in February."

"The performance was likely supported by superior growth of electronics domestic exports relative to weaker non-electronics shipments, as electronics continued to be bolstered by global AI tailwinds."

"While non-electronics domestic exports may have rebounded as adverse base effects from the previous month’s Lunar New Year faded, segments such as petrochemicals were likely under pressure due to a naphtha feedstock supply crunch stemming from the Middle East conflict."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)