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2026-07-17 08:44:14
[Singapore’s export growth slowed to 20.7% in June, with AI demand driving electronics exports up 105%] (1) Singapore’s non-oil domestic exports grew by 20.7% year-on-year in June, marking the fourth consecutive month of double-digit growth, but this was lower than May’s 38.4% and the market’s expected 30%, indicating a slowdown in growth. (2) Electronic exports performed strongly, surging 105.1% year-on-year, mainly driven by strong demand for AI applications; however, exports of non-electronic products shrank by 2.9%, showing a divergent pattern of “hot technology, cold other products”. (3) Although Singapore has no local tech giants, it is already an important hub for global chips and semiconductor equipment (accounting for one-tenth and one-fifth of global production, respectively). Its trade prospects still face risks such as US tariffs, geopolitics, and a decline in AI spending. Cumulative exports grew by 18.6% in the first half of the year.
