NODX 2026 outlook lifted to 14%-16% on AI demand surge

Companies expect improved overseas deliveries and higher average selling prices in Q3.

Non-oil domestic exports (NODX) growth in 2026 has been upgraded to between 14% to 16% on the back of a strong H1 performance, according to estimates by Enterprise Singapore.

NODX is expected to remain supported by sustained demand for artificial intelligence (AI) in H2.

“Looking ahead into the second half of 2026, NODX growth is expected to continue, supported by sustained AI-related demand, favourable guidance from major electronics firms and firmer prices of key electronics products,” Enterprise Singapore wrote in its Q2 trade performance review.

Many domestic firms expect improved overseas deliveries in Q3, particularly those in the electronics and precision engineering clusters.

A net 34% of semiconductor firms and 41% of precision engineering firms expect higher average selling prices in Q3.

About 12% of manufacturing firms maintain a positive business outlook for the last six months of the year, Enterprise Singapore said.

Downside risks include prolonged conflict in the Middle East and the higher tariffs imposed by the US, the review said.

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