Singapore: NODX gains extend on AI cycle – DBS

DBS economists Taimur Baig and Radhika Rao anticipate Singapore’s April 2026 non-oil domestic exports to rise 11.5% year-on-year, marking an eighth consecutive month of expansion after 15.3% in March. The performance is expected to be driven by strong electronics benefiting from global artificial intelligence demand, while non-electronics lag and petrochemicals face downside risks from Middle East-related feedstock disruptions.

Electronics strength offsets petrochemical risks

"Singapore’s goods export performance likely remained robust in April 2026, in line with regional trends."

"We expect non-oil domestic exports (NODX) to grow by 11.5% yoy in April, extending the expansion for the eighth consecutive month, compared with 15.3% yoy in March."

"The increase in NODX was likely supported by the prevailing trend of superior momentum in electronics relative to weaker non-electronics shipments, as electronics continued to benefit from global artificial intelligence-related tailwinds."

"We continue to monitor the impact of the Middle East conflict, with petrochemical shipments likely to be negatively affected by curtailed feedstock supply."

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