Singapore's non-oil exports rise 38.4% in May, fuelled by robust AI-related demand

Singapore's non-oil domestic exports (NODX) rose by 38.4 per cent in May compared to a year earlier, extending the 24.4 per cent growth recorded in April, Enterprise Singapore (EnterpriseSG) announced on Wednesday (June 17).

The growth was led by electronic NODX, which grew by 94.8 per cent, up from the 66.7 per cent increase in April.

According to EnterpriseSG, the increase was supported by "robust artificial intelligence-related demand“ such as integrated circuits — which rose by 80.9 per cent or $1.6 billion, and disk media products — which grew by 227.8 per cent, or $1.1 billion.

Meanwhile, pharmaceuticals recorded an increase of 102.6 per cent, or $1 billion.

Non-electronic exports also grew, rising 17.7 per cent in May, up from the 10.9 per cent increase recorded last month.

Of the top 10 markets for NODX goods, Taiwan was Singapore's top market, followed by the US and China. 

Non-oil re-exports (NORX) also extended its 29.6 per cent expansion in April, rising by 33.6 per cent. 

The rise was primarily driven by electronics NORX which rose by 47.5 per cent compared to a year earlier, Enterprise SG said. 

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