Singapore’s non-oil domestic exports rose 38.4% year-on-year in May
The surge in exports was driven by AI-related electronics demand, with integrated circuits, disk media, and PCs leading the growth.
The electronics sector saw a significant boost, with exports to the US surging 303% and shipments to Taiwan rising 218%.
A proposed 12.5% US tariff on Singaporean goods could affect around a third of the city-state’s direct US exports, posing a threat to the export boom.
The SGD and Singapore equities with electronics exposure are expected to be sensitive to any escalation in the tariff dispute.