Singapore’s non-oil domestic exports (NODX) experienced an unprecedented surge in August, growing by 46.2% year-on-year, according to a report by Nomura Global Markets Research. This marks the highest growth since October 1988, significantly surpassing the consensus forecast of 35.1%. The remarkable increase was largely attributed to a robust demand for electronics, particularly integrated circuits and PCs.
Electronics exports soared by 131.8% year-on-year, with integrated circuits alone expanding by 90.9%. The growth in PCs was even more dramatic, reaching 237.9%. This surge is indicative of a broadening demand for AI-related technologies, aligning with the global tech uptrend. Non-electronics exports also saw a notable rise, increasing by 12% year-on-year, driven by specialised machinery.
The growth was not limited to specific regions, as NODX to key destinations such as the US, Japan, Korea, and Taiwan also saw substantial increases. Excluding volatile items like non-monetary gold and pharmaceuticals, NODX growth to these regions jumped to 49.5% year-on-year.
Oil exports also improved, growing by 36.8% year-on-year in August, up from 21.1% in July. This was due to both price and volume effects, although real oil import growth remained weak.
Nomura maintains its above-consensus GDP growth forecast for Singapore at 5.7% for 2026, expecting the momentum to continue into the second half of the year. The sustained growth in NODX, particularly in electronics, is anticipated to bolster manufacturing output and trade-related services.
