Nomura: Singapore Exports Support a Solid Economic Outlook

Singapore's June non-oil domestic export growth slowed, but Nomura said that did not change its outlook for the country's economy. According to Jin10, analysts Euben Paracuelles and Yiru Chen said in a report that a surge in electronics shipments supported overall export momentum, in line with continued strength in global chip sales and broader AI-related demand. The analysts said the growth offset volatility in pharmaceutical and gold exports. Nomura kept its forecast for 2026 GDP growth at 4.6%, above market expectations, and said there was still room for an upward revision. Singapore's economic performance in the first half of the year was better than expected, with multiple short-term growth drivers, including electronics exports.