Singapore NODX Surges on AI Chip Demand Amid Weakening USD

Singapore's non-oil domestic exports (NODX) saw a significant jump of 46.2% year-on-year in August, exceeding market expectations of 35.3%. This growth was driven largely by electronics exports, which surged 131.8% due to strong demand for AI-related products such as integrated circuits and disk media products. Non-electronics also showed an increase.

The expansion was broad-based across major markets, with a favorable base effect contributing to the headline result. OCBC's economists have revised their 2026 NODX forecast to 20% year-on-year from 15.2%, based on the current growth trend.

The Singapore Dollar (SGD) has benefited from lower US Treasury yields and a softer US dollar, causing the USD/SGD pair to ease. Technical signals indicate daily momentum is still bullish but the Relative Strength Index (RSI) is retreating from overbought levels, potentially leading to a 'death cross' as the 50-day moving average approaches below the 200-day.