Singapore’s non-oil exports expand 24.2% in July as AI demand remains strong

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

Exports of disk media products rose by 339.1 per cent year on year, while exports of PCs and integrated circuits rose by 120.8 per cent and 84.5 per cent respectively.

Non-electronics exports decreased by 2.3 per cent, led by a drop in pharmaceuticals, which fell by 56.7 per cent from a high base a year ago. 

Petrochemical and food preparations exports also contributed to the decrease, falling 22.5 per cent and 17.9 per cent respectively.

Non-oil re-exports increased by 51.3 per cent in July, following a 60.3 per cent increase the month prior. The growth was also primarily driven by electronics, which rose by 75.2 per cent.

Total merchandise trade rose by 38.6 per cent, extending June’s 49.3 per cent increase. Total exports rose by 40.6 per cent while total imports were up 36.3 per cent.

Among key markets, NODX to the United States, China, and Taiwan were up in July, while NODX to the 27 European Union countries declined.

In July, total trade stood at S$168 billion (US$131.4 billion), comprising S$77.7 billion in imports and S$90.3 billion in exports.