Singapore's June non-oil exports rise 20.7% as AI demand stays robust

SINGAPORE: Singapore’s non-oil domestic exports (NODX) rose by 20.7 per cent in June from a year earlier as AI-related demand remained robust, Enterprise Singapore (EnterpriseSG) said on Friday (Jul 17). The growth moderated from the 38.4 per cent expansion in May. Electronics exports led the expansion, with electronic NODX surging by 105.1 per cent in June, following a 94.8 per cent increase in May. The surge was largely fuelled by “robust AI-related demand” and driven mainly by integrated circuits, disk media products and PCs, said EnterpriseSG.

Exports of integrated circuits rose by 115.4 per cent year on year, while shipments of disk media products and PCs increased by 170.9 per cent and 95.8 per cent respectively. Non-electronic exports dipped by 2.9 per cent in June, following May’s 17.7 per cent increase. Falls in exports of non-monetary gold, petrochemicals and food preparations led the decrease. Non-oil re-exports rose by 60.3 per cent in June, extending May’s 33.5 per cent increase. The growth was also primarily driven by electronics. Total merchandise trade grew by 49.3 per cent in June, extending the 39.6 per cent rise in May. Total exports rose 48.9 per cent while imports grew 49.8 per cent.Among key markets, NODX to Taiwan, the United States and South Korea rose in June.Total trade stood at S$158.1 billion (US$122.5 billion) in June, comprising S$85.5 billion in exports and S$72.6 billion in imports.