Singapore's August exports surge by 46.2pct y/y as AI boom powers demand

SINGAPORE: Singapore's non-oil domestic exports surged by 46.2 per cent in August from a year earlier, government data showed on Thursday, a fifth straight month of growth above 20 per cent as electronic shipments continued to be powered by robust AI-related demand.

LSEG data showed it was the largest rise in exports in a series dating back to November 2005.

The figure was higher than the median forecast of 35.3 per cent growth in a Reuters poll.

Electronics exports rose by 131.8 per cent in August from a year earlier, and shipments of non-electronics rose by 12.0 per cent, Enterprise Singapore said in a statement.

Shipments rose to nine of Singapore's top 10 markets, with exports to the United States rising by 91.0 per cent from a year earlier. Shipments to China and South Korea rose by 70.3 per cent and 87.1 per cent, respectively.

In August, Enterprise Singapore upgraded its forecast for growth this year in non-oil domestic exports to 14 per cent to 16 per cent, from 3 per cent to 5 per cent.