Singapore exports surge on electronics boom

Singapore’s non-oil domestic exports (NODX) recorded a strong rebound in May 2026, rising 38.4% year-on-year. The improvement marked a broad-based strengthening in external demand, with both electronics and non-electronics contributing to the expansion.

Electronics were the standout driver, with electronic NODX surging 94.8% year-on-year in May. The jump reflected heightened global demand for components and hardware linked to artificial intelligence and server infrastructure.

Enterprise Singapore reported that the May increase in electronics exports was largely fuelled by robust AI-related demand. The strength was concentrated in integrated circuits, disk media products and personal computers, which together underpinned the sector’s outsized gains.

Exports of integrated circuits rose 80.9% year-on-year in May 2026, reinforcing Singapore’s position as a key node in global semiconductor supply chains. Disk media product exports climbed 227.8%, while personal computer exports increased 140.9% over the same period.

These sharp increases in specific product categories highlight the role of data processing and storage hardware in the current upswing, as AI applications and data centres require more chips, servers and related equipment.

Non-electronic NODX also expanded, rising 17.7% year-on-year in May 2026. Growth was led by pharmaceuticals, specialised machinery and non-monetary gold, all of which posted strong double- or triple-digit gains.

Pharmaceutical exports grew 102.6%, reflecting robust external demand for healthcare-related products. Specialised machinery exports increased 66.9%, while non-monetary gold exports were up 83.2%, adding breadth to the overall export recovery.

The combined strength in electronics and non-electronics indicates that the rebound is not confined to a single industry, even though electronics accounted for the largest share of the headline jump.

The export surge translated into a strong showing for overall trade flows. Total merchandise trade rose 39.7% year-on-year in May 2026, reflecting higher shipments across key product categories.

For the first five months of 2026, NODX increased 18.1% year-to-date, pointing to a sustained improvement rather than a one-off monthly spike. The year-to-date performance suggests that external demand, particularly for electronics and related products, has been firm through the early part of the year.

Together, the May data underscore the importance of AI-related electronics, pharmaceuticals and specialised machinery in supporting Singapore’s trade momentum in 2026.