Singapore May exports jump 38.4%, fastest pace since 2003
What's new: Electronics shipments surged 94.8% on AI-driven demand, with exports to the US, Taiwan and China all rising.
Singapore’s non-oil domestic exports rose 38.4% in May from a year earlier, extending April’s 24.4% increase and marking the strongest growth since December 2003. Enterprise Singapore said the jump was driven by a 94.8% surge in electronics shipments as demand for AI-related products lifted exports of integrated circuits, disk media products and personal computers. Non-electronics exports also climbed 17.7%, helped by pharmaceuticals and specialized machinery. Total merchandise trade grew 39.7% in May, with exports up 36.1% and imports up 43.6%. Shipments to nine of Singapore’s top 10 markets increased, including Taiwan, the United States and China, while exports to Indonesia fell.