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S'pore expects moderated growth of 0%-2% for key exports in 2026
The Straits Times
|November 22, 2025
EnterpriseSG forecast reflects US tariff impact, easing of front-loading effects
The growth in Singapore's key exports is expected to moderate in 2026 to 0 per cent to 2 per cent as the tariff impact materialises and front-loading eases, Enterprise Singapore said on Nov 21.
The trade agency also narrowed its 2025 forecast for growth in non-oil domestic exports (NODX) to around 2.5 per cent, from its previous forecast range of 1 per cent to 3 per cent.
Economists said that the latest official forecasts lean towards a more cautious outlook.
In its quarterly review of trade performance, EnterpriseSG noted that the World Trade Organization expects global trade growth to fall to 0.5 per cent in 2026 from 2.4 per cent in 2025.
"This slowdown primarily reflects the materialisation of tariff-related impact and the easing of front-loading effects," said the agency.
"Downside risks include potential re-escalation of tariff actions as well as sector-specific tariffs that could raise global economic uncertainty and dampen demand," it added.
Dit verhaal komt uit de November 22, 2025-editie van The Straits Times.
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