Singapore’s key exports rise 20.7% in June, missing forecasts despite AI-led electronics boom

Singapore's non-oil domestic exports rose 20.7% year-on-year in June, missing forecasts of 28.7% growth, as a surge in electronics shipments driven by AI demand failed to offset declines in non-electronics sectors. Electronics NODX jumped 105.1%, led by disk media products and integrated circuits, while non-electronics fell 2.9% due to drops in non-monetary gold and petrochemicals.

Singapore’s key exports rise 20.7% in June, missing forecasts despite AI-led electronics boom Electronic shipments surge 105.1% in June SINGAPORE The Republic’s non-oil domestic exports NODX rose 20.7 per cent year on year in June, moderating from the 38.4 per cent rise in May, data from Enterprise Singapore showed on Friday Jul 17 . It also fell short of private-sector economists’ median forecast of 28.7 per cent year-on-year growth, a Bloomberg poll showed. Nevertheless, electronics NODX surged 105.1 per cent in June, up from 94.8 per cent growth in May, supported by robust artificial intelligence-related demand. Disk media products 170.9 per cent , integrated circuits 115.4 per cent and PCs 95.8 per cent contributed the most to the expansion. Meanwhile, non-electronics shipments decreased 2.9 per cent in June, reversing the previous month’s 17.7 per cent growth. This was driven by declines in non-monetary gold -49 per cent , food preparations -38.6 per cent and petrochemicals -27.9 per cent . Overall, total merchandise trade expanded 49.3 per cent year on year in June, extending May’s 39.6 per cent rise. Both exports and imports rose. In June, key exports to all but one of Singapore’s top 10 markets rose. NODX to Indonesia fell 27 per cent, reversing the previous month’s 2.7 per cent growth. In contrast, NODX to all other markets posted growth in June. This was led by Taiwan 135.2 per cent , followed by the US 80.9 per cent and South Korea 67.2 per cent Thailand, the European Union 27 and Hong Kong posted growth of 43.5 per cent, 41.4 per cent and 39.5 per cent, respectively. This was followed by China 30.9 per cent , India 18.2 per cent and Malaysia 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 Early payout from Philippines’ Maharlika Investment Fund raises eyebrows over its true nature A new kind of ‘ceasefire’ between US and Iran where talks, strikes are part of the same process Philippines’ income upgrade hides grim reality for most Filipinos Macquarie upgrades STI 12-month target to 6,000, names its top picks