ASEAN

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space that we have also highlighted this week. We also expect Source: DOS, IES, J.P. Morgan estimates. *MPPI for diodes and semiconductors

the BI to hike again by another 25bp to 6.0%. We acknowl-

edge that this is a close call. On the tech export front, June data for non-oil domestic

exports (NODX) showed that tech export gains slowed to

1.4%m/m, sa after a relentless surge since the end of last year.Singapore: Growth beats, but NODX breaks

As a result, their 3m/3m momentum eased from the excep-

winning streak tionally strong 221.2%ar pace in May to a still-robust

Singapore’s flash 2Q GDP estimate beat expectations, 175.7%ar in June (Figure 3). Pharma exports similarly fell

advancing 4.6%q/q, saar following an upwardly-revised sharply after robust gains in earlier months, leading overall

5.3%ar expansion in 1Q26. The 1Q upward revision was con- NODX to post their first sequential drop (-9.8%m/m, sa) in

centrated in the wholesale and retail trade segment—the larg- six months. But this was partly offset by a rebound in non-

est contributor to Singapore GDP—which was buoyed by the tech, non-pharma exports (especially specialized machinery)

boom in not only domestic but also regional tech exports, which—although dwarfed by tech exports—are up 7.7%ar in

reflecting Singapore’s centrality in Asia’s tech supply chain. 1H26 vs 2H25. Among major destinations, exports to the US,

Growth in this segment slowed in 2Q26, but was offset by a EU, and China moderated after surging in earlier months,

tech-led re-acceleration in manufacturing after a brief 1Q while exports to Malaysia rebounded and those to Taiwan

hangover on the unwinding of an earlier pharma surge (Figure strengthened further. Indeed, Taiwan’s contribution to year-

1).