CGS keeps 2.9% NODX forecast.
Rising Middle East tensions could threaten Singapore’s non-oil domestic export growth this year even as shipments still rose 4.0% in February, according to CGS International.
The research house said any escalation in the US-Iran conflict could disrupt key shipping routes, raise freight costs, extend transit times, and weaken export volumes for trade-dependent Singapore. It added that higher oil prices could lift inflation and slow growth in major markets, hurting external demand.
