Singapore’s non-oil domestic exports (NODX) increased 38.4% year-on-year in May, extending April’s 24.4% growth, according to data released by Enterprise Singapore on June 17 [1, 2].
Electronics exports led the gains with a 94.8% increase in May, following 66.7% growth in April [1]. Within electronics, integrated circuits exports rose 80.9%, while disk media shipments jumped 227.8% and PC exports climbed 140.9% year-on-year [1]. The surge in electronics is driven by demand tied to artificial intelligence applications, with exports to key AI-linked markets Taiwan and South Korea showing triple-digit growth in May [2]. DBS senior economist Chua Han Teng said, "Singapore's export cycle has become increasingly interconnected with other artificial intelligence (AI) players, such as Taiwan and South Korea." [2]
Non-electronic exports also expanded by 17.7% in May, up from 10.9% growth in April. This category was led by pharmaceuticals, specialised machinery, and non-monetary gold shipments [1]. Non-oil re-exports (NORX), mainly electronics, rose 33.6% year-on-year for the month [1].
Total merchandise trade grew 39.7% in May, with exports up 36.1% and imports increasing 43.6% to S$75.1 billion. Total trade value was S$154.3 billion in May, with exports valued at S$79.2 billion [1].
NODX to Taiwan, the United States, and China rose in May, while shipments to Indonesia declined compared to last year [1, 2]. Electronics exports to the United States soared 303% and to Taiwan by 218.6% in May [2]. OCBC chief economist Selena Ling noted, "The global AI story remains resilient for now." [2]
Singapore faces potential new US tariffs linked to forced labor allegations, with the US Trade Representative proposing an additional 12.5% tariff on Singapore exports. Singapore denies the claims and warns about the impact on over a third of its direct exports to the US [2].
The next official update on Singapore’s export performance is expected with June trade data release in the coming weeks.
