Singapore’s non-oil domestic exports surged 40.6% year-on-year in July, the strongest increase since mid-2022, as electronics demand rebounded sharply.
The Ministry of Trade and Industry reported the jump on Thursday, citing robust global demand for semiconductors and electronic components. Non-oil domestic exports, excluding re-exports, totaled S$20.1 billion ($14.8 billion), up from S$14.3 billion in July 2023.
Electronics accounted for the bulk of the growth, expanding 68.2% year-on-year to S$12.7 billion. Semiconductors, the largest subcategory, rose 72.5% to S$9.2 billion, while computer peripherals increased 51.3% to S$1.8 billion. The rebound follows two consecutive months of contraction, including a 17.2% decline in June.
Non-electronics shipments also contributed, rising 14.1% to S$7.4 billion. Pharmaceuticals led the gain with a 58.3% increase, while petrochemicals edged up 2.1%. The data underscores Singapore’s role as a key node in global electronics supply chains, though regional trade headwinds persist.
The July surge contrasts with broader Southeast Asian trade trends, where export growth has remained subdued amid weak global demand and geopolitical uncertainty. Analysts note that while the electronics rebound is encouraging, sustainability will depend on continued demand from key markets such as China and the U.S.
The Singapore dollar was little changed following the data release, trading at S$1.3525 against the U.S. dollar.
