DBS Group Research expects Singapore’s domestic non-oil exports to grow for the seventh consecutive month in March 2026, accelerating to 10.3% year-on-year from 4.0% in February. Electronics exports are outperforming against global AI demand, while non-electronics exports may rebound as the Lunar New Year base effects fade, although the petrochemical sector is likely to come under pressure from a collapse in naphtha supplies in the Middle East.

NODX development driven by electronics

“In March 2026, we expect Singapore’s domestic non-oil exports (NODX) to maintain growth for the seventh consecutive month, achieving a faster pace of 10.3% year-on-year compared to 4.0% year-on-year in February.”

“The performance was likely supported by significant growth in domestic electronics exports versus weaker supplies of non-electronics products as electronics continued to be boosted by global headwinds in AI development.”

“While domestic non-electronics exports may have rebounded as the adverse base effects associated with last month’s Lunar New Year fade, segments such as petrochemicals are likely to come under pressure due to the collapse in crude oil supplies resulting from the conflict in the Middle East.”

(This article was created with the assist of an artificial intelligence tool and has been reviewed by an editor.)