Singapore’s non-oil domestic exports (NODX) experienced an 8.9% month-on-month seasonally adjusted decline in June, reversing gains from the previous two months, according to UOB Global Economics and Markets Research. Despite this, electronics exports continued to show robust growth, increasing by 105.1% year-on-year, a significant rise from May’s 94.8%.
The divergence between electronics and non-electronics exports widened, with the latter slipping into a 2.9% contraction year-on-year. A notable factor in the non-electronics decline was a 49% drop in non-monetary gold exports. In contrast, electronics exports, particularly integrated circuits and printed circuit boards, remained strong due to rising corporate adoption of artificial intelligence and its expanding applications in consumer devices.
By destination, electronics exports saw triple-digit growth in key markets such as Taiwan, South Korea, and the US, underscoring the sector’s strength within the global supply chain. UOB noted that Singapore’s electronics purchasing managers’ index (PMI) rose to 52.2 in June, driven by improvements in new export orders and order backlogs, indicating sustained demand.
Looking ahead, the momentum in electronics exports is expected to persist into the third quarter of 2026, supported by strong indicators and continued global demand. South Korea’s semiconductor exports, for instance, nearly tripled in early July, highlighting the ongoing strength of the electronics cycle.
