Singapore non-oil exports rise 46.2% as electronics more than double
Enterprise Singapore said Thursday that August non-oil domestic exports rose 46.2% from a year earlier, beating a 35.1% Bloomberg forecast, as electronics climbed 131.8% on AI-related demand.
Electronic goods produced in Singapore rose 131.8% in August from a year earlier, Enterprise Singapore said Thursday, lifting non-oil domestic exports (NODX) 46.2%. The result beat a 35.1% median forecast in a Bloomberg poll of economists and extended July's revised 24.1% increase. The agency attributed the rise to AI-related demand.
Enterprise Singapore noted that August 2025 NODX, at S$13.3 billion, was the lowest month of that year. Selena Ling, OCBC's chief economist, said the 46.2% rate may overstate underlying momentum and should not be extrapolated indefinitely. She pointed to memory prices, advanced packaging demand, and AI server orders as the gauges to watch. For the first eight months of 2026, NODX is already up 22.4%, above the 14.0% to 16.0% full-year range the agency set in August, when it said second-half growth would likely moderate on a high base.
Non-oil domestic exports measure goods produced in Singapore. The products that rose were integrated circuits, disk media products, and PCs. Integrated circuits rose 90.9%, the smallest of those three gains, and contributed the most to electronic NODX, S$1.9 billion. Disk media products rose 290.2% and added S$1.4 billion; PCs rose 237.9% and added S$1.3 billion. Non-oil re-exports, goods passing through Singapore, rose 53.3%. Electronic re-exports rose 68.0%, against a 131.8% increase in electronic goods made there. Non-electronic NODX returned to growth, up 12.0%.
South Korea's trade ministry reported semiconductor shipments up 209.0% to a record US$46.65 billion. Taiwan's Ministry of Finance reported August exports up 41.0% to a record US$82.4 billion. Its electronic components rose 58.0% to a record US$32.22 billion. The ministry attributed the export gain to AI-related demand for advanced chips and to higher electronics prices.
Every top-10 market rose except the European Union, down 1.7%. Exports to the United States rose 91.0%. Electronic NODX to the U.S. was up 342.4%: chips, storage, and computers made in Singapore and shipped to U.S. buyers. Singapore's shipments to South Korea, China, Taiwan, Hong Kong, and Malaysia also increased. The figures were released at 8:30 a.m. Singapore time, after the U.S. close.
Frequently asked
What drove the jump?
AI-related demand, with electronics made in Singapore up 131.8% on integrated circuits, disk media products and PCs.
Which product added the most?
Integrated circuits, which posted the smallest percentage gain of the three but contributed the most to electronic NODX in dollar terms.
Is Singapore alone in this?
No: South Korea reported record semiconductor shipments and Taiwan reported record exports, also attributed to AI-related chip demand.
Will this pace hold?
OCBC's chief economist said the rate may overstate underlying momentum and should not be extrapolated, pointing to memory prices, advanced packaging and AI server orders as the gauges to watch.