Singapore exports rise 24.2% in July on AI-driven electronics demand

non-oil domestic exports artificial intelligence demand electronics exports semiconductor industry trade growth

Singapore's non-oil domestic exports (NODX) rose 24.2% year-on-year in July, marking the fourth consecutive month of growth exceeding 20%. This expansion was primarily driven by robust demand for artificial intelligence-related electronics.

Electronics exports surged by 112% in July, fueled by significant increases in disk media products (339.1%), PCs (120.8%), and integrated circuits (84.5%). Conversely, non-electronics shipments declined by 2.3%, with notable drops in pharmaceuticals (-56.6%) and petrochemicals (-22.5%).

Growth was observed in nine of Singapore's top ten export markets. Leading this expansion were shipments to the United States (62.8%), South Korea (53.3%), China (37.6%), and Taiwan (32.4%). However, exports to the European Union 27 fell by 35.5%, reversing previous growth.

Entities

Enterprise Singapore · Singapore

Sources

AI demand lifts Singapore key exports 24. 2% in July, but misses forecasts [www.businesstimes.com.sg]

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Export volume climbs 34. 3% in June [hongkongbusiness.hk]

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Singapore NODX growth holds above 20% for fourth straight month in July [investinglive.com]

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