Singapore Non-Oil Domestic Exports Rise 24.2 Percent in July

Enterprise Singapore reported that non-oil domestic exports (NODX) rose 24.2 percent year-on-year in July 2026. This continues a growth trend following a 20.8 percent increase in June, though the July figure fell short of the 26.8 percent expansion forecast by private-sector economists in a Bloomberg poll.

The growth was primarily driven by a 112 percent surge in electronic NODX, fueled by robust demand for artificial intelligence-related products. Specific gains included disk media products, which rose 339.1 percent, as well as personal computers and integrated circuits. Total merchandise trade increased 38.6 percent to S$168 billion, with exports rising to the United States, China, South Korea, and Taiwan, while shipments to the European Union fell 35.5 percent.

In contrast, non-electronic NODX fell 2.3 percent. This decline was led by a 56.7 percent drop in pharmaceuticals, alongside decreases in petrochemicals and food preparations. This trade performance aligns with a recent economic growth forecast increase for 2026 by the Ministry of Trade and Industry, which cited accelerated global AI-related capital expenditure.