Singapore’s key exports rise 24.2% due to strong AI demand but miss forecasts

Singapore's non-oil domestic exports (NODX) experienced a 24.2% increase in July, driven by strong demand for electronics, particularly in AI-related products and services. This growth surpassed the 26.5% forecast expected by economists in a Bloomberg poll, but still fell short of the anticipated surge. Electronic exports, which include disk media products, personal computers, and integrated circuits, grew at a remarkable rate, with disk media products surging by 339.1%, PCs expanding by 120.8%, and integrated circuits rising by 84.5%.

However, the non-electronic sector faced a contraction, with pharmaceuticals leading the decline at 56.7%, followed by petrochemicals and food preparations, which fell by 22.5% and 17.9% respectively. The top markets for Singapore's exports included the United States, China, and Taiwan, while exports to the European Union contracted.

Brief written by urgent.news from Straits Times Business's own syndicated text. Machine-written — may contain errors; check the original before relying on it.