Singapore's non-oil exports expand 46.2% in August, supported by robust AI-related demand
Electronic NODX surged by 131.8 per cent in August.
An angler fishes next to the container port terminal in Singapore on Sep 3, 2026. (Photo: AFP/Roslan RAHMAN)
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SINGAPORE: Singapore's non-oil domestic exports (NODX) rose by 46.2 per cent in August, supported by robust AI-related demand, Enterprise Singapore (EnterpriseSG) said on Thursday (Sep 17).
August's growth extended the 24.1 per cent rise in July.
EnterpriseSG noted that August's NODX growth was partly supported by a low base a year earlier, when monthly NODX fell to S$13.3 billion – the lowest level recorded in 2025.
Electronic NODX surged by 131.8 per cent in August, compared to 112 per cent in July. This was driven mainly by ICs, disk media products, and PCs, according to data from EnterpriseSG.
Exports of disk media products rose by 290.2 per cent year on year, while exports of PCs and integrated circuits rose by 237.9 per cent and 90.9 per cent, respectively.
"The impressive August NODX data may overstate the underlying momentum as there was a low base in August 2025 NODX at S$13.3 billion, so one probably should not extrapolate the 46 per cent year-on-year growth indefinitely," said Ms Selena Ling, chief economist and head of OCBC group research.
Cyclical momentum remains strong but the pace of growth is likely unsustainable as base effects intensify, even if it remains well above historical averages, Ms Ling added.
"Key to watch would be memory prices, advanced packaging demand and AI server orders, which may be a harbinger for Singapore’s export performance," said Ms Ling.
NODX grew by 22.4 per cent in the first eight months of 2026, said EnterpriseSG.
Non-electronic NODX expanded by 12.0 per cent in August, compared to July when it fell by 2.4 per cent.
NODX to the US, China and South Korea expanded in August 2026, while NODX to the 27 European Union countries contracted.
Non-oil re-exports increased by 53.3 per cent in August, extending the 51.3 per cent rise in July.
The expansion was primarily driven by electronics non-oil re-exports, which rose by 68.0 per cent in August, EnterpriseSG said.
Non-electronic non-oil re-exports also grew by 32.9 per cent in August.
Total merchandise trade also expanded in August - increasing by 44.5 per cent, extending the 38.3 per cent rise in July.
Total trade for August stood at S$156.9 billion, with total exports at S$84.7 billion and imports at S$72.2 billion.
