Singapore's June non-oil domestic export growth slowed, but Nomura says the
moderation does not alter its positive outlook. A surge in electronics
shipments—supported by strong global chip sales and widening AI-related
demand—offset volatility in pharmaceutical and gold exports and sustained
overall export momentum. Nomura maintains its 2026 GDP forecast at 4.6%, above
market expectations, and sees upside risk. Singapore outperformed in 1H and
retains multiple near-term growth drivers, notably electronics exports.
