Non-oil domestic exports surged 24.2% year-on-year in July, driven by electronics demand, exceeding government forecasts.
Singapore’s non-oil domestic exports (NODX) rose 24.2% year-on-year in July, slightly below the 26.5% consensus but up from June’s 20.8%. Electronics exports led growth, offsetting declines in non-electronic shipments, particularly pharmaceuticals and petrochemicals.
Year-to-date NODX growth reached 19.4%, surpassing the government’s upgraded full-year forecast of 14-16%, revised from an earlier 3-5%. Weakness in non-electronic exports, including a 57% plunge in pharmaceuticals, reflects sector-specific pressures rather than broader trade policy impacts.
The report expects sustained demand for AI-related electronics to support the Singapore Dollar, alongside a steeper S$NEER appreciation path and a weakening USD/SGD trend since July.