Singapore exports surge 24.2% in July on AI-driven electronics demand

Singapore's non-oil domestic exports expanded by 24.2% in July compared with the same month last year, according to government data released on Monday. This marks the fourth consecutive month that export growth has exceeded 20%, underscoring the sustained strength of the city-state's trade sector.

The latest figure came in just below the median forecast of 25% growth projected by economists in a poll. The expansion was powered largely by strong demand for electronics, particularly components linked to artificial intelligence applications, even as shipments of non-electronics goods declined during the month.

Enterprise Singapore, the government agency that compiles the trade data, reported that exports rose to nine of Singapore's top ten markets. The United States, China and Taiwan recorded the most significant gains.

The robust performance has prompted an upward revision to the official outlook. Last week, Enterprise Singapore raised its full-year forecast for non-oil domestic export growth to between 14% and 16%, a sharp increase from the earlier projection of 3% to 5%.