Singapore’s key exports up 11.6% in November; economists say delayed impact of US tariffs could weigh on 2026 outlook

[SINGAPORE] Even as the artificial intelligence (AI) boom continues to support electronics shipments in the near term, economists warned that Singapore’s export growth in 2026 could be weighed down by the delayed impact of US tariffs.

The Republic’s non-oil domestic exports (NODX) expanded 11.6 per cent year on year in November, exceeding market expectations of single-digit growth, data from Enterprise Singapore showed on Wednesday (Dec 17).

November’s expansion moderates from October’s downwardly revised 21.7 per cent growth. Private-sector economists had projected a 6.8 per cent year-on-year increase, a Bloomberg poll indicated.