Singapore's non-oil exports surge 24.2% in July on strong AI demand
Singapore's non-oil domestic exports (NODX) rose by 24.2 per cent in July compared to a year earlier, extending the 20.8 per cent growth recorded in June, Enterprise Singapore (EnterpriseSG) announced on Monday (Aug 18).The growth was led by electronic NODX, which grew by 112 per cent, up from the 105.1 per cent increase in June.According to Enterprise SG, the increase was supported by «robust artificial intelligence related demand» such as disk media products — which rose by 339.1 per cent or $1.6 billion, and integrated circuits — which grew by 84.5 per cent or $1.4 billion.Meanwhile, non-electronic NODX fell by 2.3 per cent, easing slightly from the 2.8 per cent in June.Overall, NODX grew by 19.4 per cent in the first seven months of this year.Of the top 10 markets for NODX exports, the US was Singapore's top market, following by China and Taiwan.Non-oil re-exports (NORX) grew by 51.3 per cent in July, down slightly from the 60.3 per cent growth recorded in June. The expansion was also primarily driven by the electronics sector, EnterpriseSG said.