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2026-09-17 08:40:09
[Singapore’s non-oil domestic exports surge 46.2% in August, the fastest in decades, driven by AI demand for electronics] (1) Enterprise Singapore said on Thursday that Singapore’s non-oil domestic exports (NODX) rose 46.2% year-on-year in August, exceeding the revised 24.1% in July and also higher than the market forecast of 35.0%, marking the fastest growth in decades. (2) Electronics exports surged 131.8% in August, up from 112% in July, mainly driven by AI-related demand, led by integrated circuits, disk media products and personal computers; exports of non-electronic products increased by 12.0% year-on-year, compared to a revised decline of 2.4% in July. (3) NODX grew 22.4% in the first eight months of this year; Enterprise Singapore expects NODX to grow by 14% to 16% by 2026. Exports to the United States and South Korea expanded in August, while exports to the EU27 contracted. (4) Jester Koh, Assistant Economist at UOB, expects export momentum to continue to be supported by AI-related demand in the second half of the year; large capital expenditures by major cloud computing and technology companies in 2026 and 2027 should continue to support demand for memory chips, AI hardware and related equipment.
