Singapore’s key exports surge 27.4% in Q2 as AI demand fuels electronics boom

Singapore's non-oil domestic exports (NODX) experienced a remarkable 27.4% increase in the second quarter of 2026, fueled by a surge in electronics exports driven by robust global demand for artificial intelligence (AI) related products, according to Enterprise Singapore (EnterpriseSG). This marked a significant jump from the 9.6% growth recorded in the previous quarter.

Electronic NODX saw an impressive 88.1% rise in Q2, following a 57.8% increase in the preceding quarter. Meanwhile, non-electronic NODX grew by 8%, marking a turnaround from a 3.5% contraction in the first quarter. Throughout the first half of 2026, NODX grew by 18.6%, setting a new record as the strongest first-half performance since 2010.

EnterpriseSG raised its full-year NODX growth forecast to between 14% and 16%, attributing the strong first-half performance to better-than-expected results, primarily driven by the electronics sector. Despite uncertainties stemming from Middle East conflicts and new US tariff measures, electronics were expected to continue driving NODX growth due to strong AI-related demand.

Notable contributors to the surge in electronics exports were disk media products, which jumped 182.5%, followed by integrated circuits, up 91.9%, and personal computers, rising by 79.8%. Non-electronic products that saw notable increases included pharmaceuticals, which rose 62.3%, specialized machinery, up 36.2%, and measuring instruments, gaining 21.2%.

Exports to Singapore's top 10 markets also grew in Q2, with Taiwan leading the pack, with exports jumping 90.4%, followed by South Korea, up 67.1%, and the US, rising by 58.9%. Electronic NODX to these key markets saw even sharper increases; for instance, exports to the US surged 250.2%, while shipments to Taiwan climbed 198.8%, and those to South Korea rose 178.8%.

EnterpriseSG attributed the overall growth in NODX to the resilient global economy, supported by sustained AI-related demand and capital expenditure. The growth is anticipated to continue into the second half of the year, driven by sustained AI-related demand, favorable guidance from major electronics firms, and higher prices for key electronics products.

However, EnterpriseSG cautioned that NODX growth might slow in the second half due to high-base effects. The trade figures were disclosed on the same day that the Ministry of Trade and Industry raised Singapore's 2026 economic growth forecast to between 4.5% and 5.5%, up from the previously estimated range of 2% to 4%.