Singapore’s non-oil domestic exports extend four-month streak with a 24.2% year-on-year rise in July, underpinned by electronics and AI-related demand, prompting a robust upgrade to growth forecasts.
Singapore’s non-oil domestic exports rose 24.2% year on year in July, extending a streak of four months in which growth has remained above 20%, according to government data cited by Reuters. The increase was slightly below the median forecast in a Reuters poll, but it still pointed to a sustained upswing in the city-state’s trade performance. Electronics remained the main engine, with AI-related demand supporting shipments even as non-electronics exports weakened.
Enterprise Singapore said exports rose to nine of the country’s ten largest markets in July, with the United States, China and Taiwan among the strongest destinations. That broadening pattern matters: it suggests the recent export surge is not confined to a single route or customer base, but is spreading across several trading partners. For traders and economists, that makes the improvement look more durable than a brief rebound.
The latest reading also follows a sharper official reassessment of Singapore’s outlook. Last week, Enterprise Singapore lifted its 2026 non-oil domestic export growth forecast to 14% to 16% from 3% to 5%, after first-quarter exports rose 9.6% on stronger electronics demand, particularly from AI-linked orders, according to Malay Mail. The Trade Ministry separately increased its 2026 GDP growth forecast to 4.5% to 5.5% after second-quarter growth came in at 5.9% year on year. Officials have said the upgrade reflects a stronger-than-expected AI investment cycle, partly offset by a smaller-than-feared hit from Middle East tensions.
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