AI demand lifts Singapore key exports 24.2% in July, but misses forecasts

Singapore's key exports rose 24.2% in July, extending June's 20.8% growth, driven by robust AI-related demand, but missed the 26.8% forecast by private-sector economists in a Bloomberg poll. Electronics exports surged 112% year on year, led by disk media products (339.1%), integrated circuits (84.5%), and PCs (120.8%), while non-electronics fell 2.3%, dragged by pharmaceuticals (-56.7%), petrochemicals (-22.5%), and food preparations (-17.9%). Enterprise Singapore data showed NODX to the US grew 62.8%, South Korea 53.3%, and China 37.6%, but EU 27 exports dropped 35.5%.

AI demand lifts Singapore key exports 24.2% in July, but misses forecasts Electronics exports expand 112% in July, from 105.1% the month before SINGAPORE The Republic’s key exports expanded 24.2 per cent in July, extending the 20.8 per cent rise in June. This came on the back of robust artificial intelligence-related demand, Enterprise Singapore data showed on Monday Aug 17 . However, July’s expansion fell short of the 26.8 per cent forecast by private-sector economists in a Bloomberg poll. Electronic exports surged in July, while non-electronics dipped marginally. Electronics exports expanded 112 per cent in July, from 105.1 per cent in the month before. Disk media products 339.1 per cent , integrated circuits 84.5 per cent and PCs 120.8 per cent contributed the most to the expansion. Meanwhile, non-electronics shipments decreased by 2.3 per cent, from June’s 2.8 per cent decline. July’s drop was driven by pharmaceuticals -56.7 per cent , petrochemicals -22.5 per cent , and food preparations -17.9 per cent . Overall, total merchandise trade grew 38.6 per cent year on year in July, after the 49.3 per cent expansion in June. Both exports and imports rose. In July, key exports to all but one of Singapore’s top 10 markets rose. Non-oil domestic exports NODX to the EU 27 fell 35.5 per cent, reversing the 20.8 per cent growth in the month before. In contrast, NODX to all other markets posted growth in July. This was led by the US 62.8 per cent , followed by South Korea 53.3 per cent , and China 37.6 per cent . Hong Kong, Taiwan and Malaysia posted growth of 36.4 per cent, 32.4 per cent and 23.4 per cent, respectively. This was followed by Thailand 18 per cent , India 13 per cent and Indonesia 12.4 per cent . Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free. Copyright SPH Media. All rights reserved. TRENDING NOW /pulse?ref=trending-now Financial planners urge investors to consider other options as T-bills yields lose steam Singapore may be expected to tighten measures after US ‘transshipment scam’ report: economists How BYD disrupted Singapore’s car market – and why the strategy is turning on itself UOB’s digital wealth sales, transactions jump almost 50% as clients invest more online