AI demand lifts Singapore key exports 24.2% in July, but misses forecasts
Electronics exports expand 112% in July, from 105% the month before
Singapore's key exports grew by 24.2% in July, buoyed by strong demand for artificial intelligence-related products, according to Enterprise Singapore data released on Monday, August 17. However, this growth was lower than the 26.8% forecast by private-sector economists in a Bloomberg poll.
Electronics exports saw a significant surge of 112% in July, compared to a 105% increase in June. Disk media products, integrated circuits, and PCs were the primary drivers of this expansion. Non-electronics shipments, on the other hand, declined by 2.3% in July, a sharper drop than the 2.8% decrease seen in June. The decline was primarily driven by pharmaceuticals, petrochemicals, and food preparations.
Overall, Singapore's total merchandise trade increased by 38.6% year on year in July, following a 49.3% expansion in June. Both exports and imports saw growth. Notably, most key exports to Singapore's top 10 markets increased in July, except for non-oil domestic exports (NODX) to the European Union 27, which saw a 35.5% decrease, reversing the 20.8% growth observed in June.
Written by urgent.news from The Business Times - Singapore's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
