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AI demand to keep Singapore’s export growth robust despite Middle East uncertainty: economists

May’s 38.4% NODX growth, the strongest in over 2 decades, prompts Maybank to lift its 2026 forecast to 15%

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Tessa Oh

Tessa Oh

Published Wed, Jun 17, 2026 · 06:12 PM
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    • May’s NODX growth figure also outperformed economists’ median forecast of 30.5 per cent year-on-year growth, a Bloomberg poll showed.
    • May’s NODX growth figure also outperformed economists’ median forecast of 30.5 per cent year-on-year growth, a Bloomberg poll showed. PHOTO: BT FILE

    [SINGAPORE] Artificial intelligence-related demand is expected to continue supporting Singapore’s key export growth in the coming months, with a potential US-Iran peace deal offering further upside, said private sector economists on Wednesday (Jun 17).

    This comes after the city-state’s non-oil domestic exports (NODX) surged 38.4 per cent year on year in May, the fastest expansion in more than two decades.

    May’s figure also outperformed economists’ median forecast of 30.5 per cent year-on-year growth, a Bloomberg poll showed.

    Singapore economySingapore NodxTradeArtificial IntelligenceIran warStrait of HormuzExports

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