Electronics exports drive NODX up 15.3% as surplus widens in March

CGS International flags AI-driven electronics strength amidst softer non-electronics exports.

Singapore’s external trade performance strengthened sharply in March 2026, driven by a surge in electronics exports, according to CGS International’s Economics Update dated 17 April.

Non-oil domestic exports (NODX) rose 15.3% year on year in March, up from 4.0% in February. The increase was led by electronics, which grew 74.0%, supported by integrated circuits that rose 113.8%, alongside gains in disk media and personal computers.

Despite the strong monthly performance, CGS International maintained its full-year NODX growth forecast at 2.9% for 2026, citing external risks including geopolitical tensions in the Middle East, higher crude oil prices, and potential shifts in global logistics flows.

Singapore’s trade surplus widened to $10.0b in March, up from $5.8b in February.

Electronics exports continued to benefit from demand linked to AI-related infrastructure, including data centres and servers contrasting 0.6% non-electronics exports decline due to declines in ship structures, food preparations, and an 18.4% drop in pharmaceuticals.

By market, exports to East Asia recorded strong growth. Shipments to Hong Kong rose 99.4%, whilst exports to Taiwan and South Korea increased 63.1% and 44.1% respectively.

Exports to Western markets were weaker, with the EU down 11.9% and the US down 2.7%.

CGS International forecasts Singapore’s real GDP growth at 2.9% in 2026, rising to 3.1% in 2027. Headline inflation is projected at 1.5% in 2026 and 1.8% in 2027 whilst the unemployment rate is expected to remain at 2.0% in 2026.

The Singapore dollar is forecast to remain stable, at 1.31 against the US dollar in 2026 and 1.32 in 2027.

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