Singapore's non-oil exports surge 24.2% in July, boosted by AI demand

Singapore's non-oil domestic exports (NODX) experienced a robust expansion in July, rising by 24.2 percent compared to the previous year. This significant growth is largely attributed to sustained high demand for products associated with artificial intelligence, according to Enterprise Singapore. The July figures build upon a revised 20.8 percent increase observed in June.

The strong performance in July follows an upward revision of Singapore's economic growth forecast for 2026 by the Ministry of Trade and Industry. This optimism stems from better-than-expected economic activity in the first half of the year, fueled by an acceleration in global capital expenditure related to AI. Electronic NODX were the primary drivers of this surge, jumping by 112 percent in July, a slight increase from the 105.1 percent growth recorded in June. EnterpriseSG specifically cited "robust AI-related demand" as the key factor.

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Electronic NODX drove growth, surging 112 per cent in July, compared to 105.1 per cent in June.

Within the electronics sector, exports of disk media products saw an astonishing increase of 339.1 percent year-on-year. Exports of personal computers (PCs) and integrated circuits also posted substantial gains, rising by 120.8 percent and 84.5 percent, respectively. However, the non-electronics segment of NODX contracted by 2.3 percent. This decline was primarily led by pharmaceuticals, which fell by 56.7 percent, partly due to a high base effect from the previous year. Exports of petrochemicals and food preparations also contributed to the decrease, falling by 22.5 percent and 17.9 percent, respectively.

Beyond domestic exports, Singapore's non-oil re-exports also showed strong growth, increasing by 51.3 percent in July, following a 60.3 percent rise in June. This growth was also predominantly driven by the electronics sector, which saw a 75.2 percent increase in re-exports. Overall merchandise trade expanded by 38.6 percent, continuing the upward trend from June's 49.3 percent increase. Total exports rose by 40.6 percent, while total imports increased by 36.3 percent. Performance varied across key markets, with NODX to the United States, China, and Taiwan showing increases, while exports to the 27 European Union countries declined.

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The surge was supported by "robust AI-related demand", EnterpriseSG said.