Singapore’s non-oil domestic exports (NODX) surged 38.4% year-on-year in May, extending April’s 24.4% increase, as robust artificial intelligence-related demand boosted electronics shipments.
According to Enterprise Singapore, electronic exports jumped 94.8% in May after rising 66.7% in April, supported mainly by integrated circuits, disk media products and personal computers.
Shipments of integrated circuits rose 80.9%, while exports of disk media products and PCs climbed 227.8% and 140.9% respectively.
Non-electronic exports also expanded, increasing 17.7% after recording a 10.9% rise in April. Pharmaceuticals, specialised machinery and non-monetary gold were among the key contributors to growth.
Non-oil re-exports grew 33.6% in May, extending the 29.6% increase seen in April, with electronics again leading the expansion.
Singapore’s total merchandise trade rose 39.7%, following a 33% increase in April. Exports increased 36.1%, while imports climbed 43.6%.
Among major markets, shipments to Taiwan, the United States and China increased, while exports to Indonesia declined from a year earlier.
Total trade reached S$154.3 billion in May, comprising S$79.2 billion in exports and S$75.1 billion in imports.
The latest figures add to signs that the global AI boom is continuing to underpin demand for semiconductors and related technology products, providing support to Singapore’s export-oriented economy.
Reuters
