Singapore's August exports surge by 46% as AI boom powers demand
Singapore's non-oil domestic exports surged by 46.2% in August from a year earlier, government data showed on Thursday, a fifth straight month of growth above 20% as electronic shipments continued to be powered by robust AI-related demand.
In August, Singapore's non-oil domestic exports experienced a remarkable surge of 46.2%, marking the fifth consecutive month of growth exceeding 20%, according to government data released on Thursday. This surge was driven primarily by robust demand for electronic shipments, particularly those related to AI technologies. The data, sourced from LSEG, revealed that this figure eclipsed the largest rise in exports since November 2005 and surpassed the median forecast of 35.3% growth in a recent Reuters poll.
Electronics exports witnessed a staggering 131.8% increase in August compared to the previous year, while shipments of non-electronics rose by 12.0%. Enterprise Singapore reported that exports had expanded to nine of the country's top ten markets, with notable growth observed in shipments to the United States (91.0% increase) and China (70.3%), as well as South Korea (87.1%).
Reflecting on the positive outlook, Enterprise Singapore upgraded its forecast for non-oil domestic exports growth this year, projecting it to reach 14% to 16% from the earlier estimates of 3% to 5%.
Written by urgent.news from New Straits Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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