Singapore's non-oil domestic exports (NODX) rose 24.2% year on year in July 2026, extending June's 20.8% increase, according to official data released today by Enterprise Singapore [1, 2, 3]. The growth came slightly below economists’ expectations of about 26.5% in a Bloomberg poll [1, 4, 5].
Electronic exports soared 112% year on year in July, up from around 105% growth in June. The biggest gains were in disk media products, which surged 339.1%, followed by PC exports rising 120.8% and integrated circuits increasing by 84.5% [1, 2, 3]. Enterprise Singapore said the surge was supported by "robust AI-related demand" [2].
Non-electronic exports declined 2.3% in July, weighed down by pharmaceutical exports, which fell 56.7%, petrochemicals down 22.5%, and food preparations down 17.9% [1, 2, 3].
Non-oil re-exports (NORX) grew 51.3% in July, a slowdown from June's 60.3% increase, primarily driven by electronics which rose 75.2% [2, 3]. Total merchandise trade rose 38.6% year on year in July, following a 49.3% jump in June. Total exports climbed 40.6%, while imports increased 36.3% [2, 6].
Key export markets that saw growth in July included the US (+62.8%), China (+37.6%), South Korea (+53.3%), Taiwan (+32.4%), Hong Kong (+36.4%), Malaysia (+23.4%), Thailand (+18%), India (+13%), and Indonesia (+12.4%) [7, 6]. Exports to the European Union 27 countries contracted by 35.5%, reversing earlier gains [3, 7, 6].
Singapore's government noted that "global AI-related demand is expected to help cushion the impact of the Middle East conflict on the national economy" [8]. Economists have raised their full-year forecasts for Singapore's NODX growth for 2026, anticipating continued support from AI-driven electronics shipments [9, 10].
