Singapore's Non-Oil Domestic Exports Rise in May on AI Demand

Singapore's non-oil domestic exports, or NODX, increased in May, supported by demand related to artificial intelligence, according to data from Enterprise Singapore released Wednesday.

The figure expanded 38.4% year over year in May, faster than the 24.4% rise in April, and surpassing a 30% growth forecast tracked by Investing.com.

Electronics NODX surged 94.8% year over year in May, faster than the 66.7% rise in the previous month on high AI demand.

Integrated circuit exports soared 80.9%, contributing SG$1.6 billion, while disk media products surged 227.8% to SG$1.1 billion, and personal computers jumped 140.9% to SG$600 million.

Non-electronic NODX grew 17.7% in May, accelerating from 10.9% in April, led by a 102.6% rise in pharmaceutical exports, contributing SG$1 billion.

Specialized machinery rose 66.9%, contributing SG$900 million, while non-monetary gold exports increased 83.2% to a SG$400 million contribution.

By country, NODX to Taiwan surged 135.2% in May, up from 33.5% in April, led by a 137.8% surge in integrated circuits and a 140.9% rise in disk media products and specialized machinery.

NODX to the U.S. jumped 80.9% on a rise in pharmaceuticals, disk meida products, and PCs, while exports to China expanded 31% on specialized machinery, non-monetary gold, and integrated circuits.

Non-oil re-exports, or NORX, rose 33.6%, faster than the 29.6% growth in the previous month.

Electronics non-oil re-exports grew 47.5% while non-electronics NORX expanded 14.4%, up from 9.1% in April.

Singapore's merchandise trade surplus contracted to SG$5.57 billion in May from SG$13.1 billion in the prior month.

The latest figure missed Trading Economics' forecast of SG$7 billion in surplus.

Total merchandise exports increased 39.7% year over year, faster than the 33.0% growth in April, while total merchandise imports rose 43.6% year over year, compared with a 34.5% growth in the preceding month.