Singapore’s key exports rise 24.2% due to strong AI demand but miss forecasts
Electronic NODX grew 112 per cent
Singapore's non-oil domestic exports (NODX) surged 24.2 percent in July, outpacing the 20.8 percent increase recorded in June. The surge in electronic goods was driven by demand for artificial intelligence (AI) related products. Electronic NODX increased by 112 percent, with disk media products experiencing the greatest growth at 339.1 percent. Personal computers expanded by 120.8 percent and integrated circuits rose by 84.5 percent, according to data from Enterprise Singapore released on August 17.
However, the NODX figures fell short of economists' predictions of a 26.5 percent increase, as reported by Bloomberg in a recent poll. Non-electronic NODX declined by 2.3 percent, with pharmaceuticals leading the drop by 56.7 percent. Petrochemicals and food preparations also saw reductions, with declines of 22.5 percent and 17.9 percent, respectively.
The United States, China, and Taiwan were among the leading exporters of NODX to the top 10 markets. In contrast, exports to the European Union contracted. The Straits Times Decoding Asia newsletter highlights these figures, providing an update on Asia's evolving global position. Readers are encouraged to share their feedback on BT's products and services.
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.
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