The rise was largely fuelled by strong demand for integrated circuits, disk media products and PCs.
Singapore’s non-oil domestic exports (NODX) rose by 38.4 per cent in May from a year earlier, Enterprise Singapore (EnterpriseSG) said on Wednesday (Jun 17), extending the 24.4 per cent growth recorded in April.
Electronics exports led the expansion, with electronic NODX rising 94.8 per cent in May, following a 66.7 per cent increase in April. The surge was largely fuelled by “robust AI-related demand” and driven mainly by integrated circuits, disk media products and PCs, said EnterpriseSG.
Ms Selena Ling, chief economist and head of OCBC Group Research, said the global AI boom continued to support electronic exports, describing May’s NODX print as the strongest in two decades.
She also noted that NODX expanded 18.1 per cent in the first five months of the year, which marked “a very strong start to the year despite the heightened geopolitical tensions”.
Exports of integrated circuits rose 80.9 per cent year on year, while shipments of disk media products and PCs increased 227.8 per cent and 140.9 per cent respectively.
Non-electronic exports also grew, rising 17.7 per cent in May after a 10.9 per cent increase in April. Pharmaceuticals, specialised machinery and non-monetary gold led the increase.
Ms Ling said the rise in non-electronic exports was partly due to a low base a year ago.
Non-oil re-exports (NORX) rose 33.6 per cent in May, extending April’s 29.6 per cent increase. The growth was also driven primarily by electronics.
Total merchandise trade grew 39.7 per cent in May, extending the 33 per cent rise in April. Total exports rose 36.1 per cent, while imports grew 43.6 per cent.
Source : https://www.channelnewsasia.com/singapore/nodx-export-may-growth-oil-trade-6172811
