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 e

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.