SINGAPORE: Singapore’s non-oil domestic exports (NODX) surged 27.4 per cent year-on-year in the second quarter of 2026, driven by a sharp rise in electronics exports amid strong global AI-related demand, Enterprise Singapore (EnterpriseSG) said on Tuesday (Aug 11).This was up from 9.6 per cent growth in the first quarter.Electronic NODX rose 88.1 per cent in Q2, following the 57.8 per cent increase in the previous quarter, while non-electronic NODX grew 8 per cent, reversing a 3.5 per cent contraction in the first quarter.NODX grew 18.6 per cent in the first half of 2026, its strongest first-half performance since 2010.
EnterpriseSG also raised its full-year NODX growth forecast to 14 per cent to 16 per cent, citing the "better-than-expected" first-half performance, led by the surge in electronics."NODX growth is expected to be supported by electronics amid strong AI-related demand, notwithstanding uncertainties from the Middle East conflicts and renewed US tariff measures," the agency said.The electronics surge was led by disk media products, which jumped 182.5 per cent, followed by integrated circuits, up 91.9 per cent, and personal computers, up 79.8 per cent.Among non-electronic products, pharmaceuticals rose 62.3 per cent, specialised machinery increased by 36.2 per cent and measuring instruments gained 21.2 per cent.NODX to Singapore’s top 10 markets grew as a whole in Q2, with the biggest contributors being Taiwan, where exports jumped 90.4 per cent; South Korea, up 67.1 per cent; and the US, up 58.9 per cent.Electronics exports to those three markets recorded even sharper increases.Electronic NODX to the US surged 250.2 per cent, while shipments to Taiwan climbed 198.8 per cent and those to South Korea rose 178.8 per cent.AI DEMAND TO SUPPORT EXPORTSEnterpriseSG said the global economy had remained more resilient than expected, supported by sustained AI-related demand and capital expenditure.NODX growth is expected to continue in the second half of the year, supported by sustained AI-related demand, favourable guidance from major electronics firms and firmer prices for key electronics products.Sentiment among manufacturers is also positive, particularly in the electronics and precision engineering clusters.However, EnterpriseSG said NODX growth was likely to moderate in the second half because of "high-base effects".It also noted a prolonged conflict in the Middle East and higher US tariffs as downside risks.The trade figures were released on the same day that the Ministry of Trade and Industry raised Singapore’s 2026 economic growth forecast to 4.5 per cent to 5.5 per cent, from 2 per cent to 4 per cent.
