SINGAPORE – Singapore’s key exports accelerated in March, as electronic shipments jumped on the back of strong artificial intelligence (AI) demand.
Despite the Iran war breaking out at the end of February, March saw non-oil domestic exports (NODX) growing for the seventh consecutive month, according to figures out by Enterprise Singapore on April 17.
NODX rose 15.3 per cent in March year on year, following the 4 per cent growth in February.
Electronic NODX surged 74 per cent due to strong AI-related demand and a low base a year ago.
However, non-electronic NODX fell 0.6 per cent year on year, although this was a smaller decline than the fall of 6.9 per cent the month before.
Singapore had raised its forecast for key exports in 2026 in February in response to what it saw then as an improved global economic outlook, especially for AI-related demand.
NODX is expected to grow 2 per cent to 4 per cent in 2026, an upgrade over the previous forecast of 0 per cent to 2 per cent in November, Enterprise Singapore said on Feb 10.
For electronics, integrated circuits – or semiconductors – was the star performer with shipments soaring 113.8 per cent. This growth amounted to $1.7 billion.
Meanwhile, exports of personal computers rose by 57.3 per cent, and disk media products by 78.3 percent.
On the non-electronics side, the export of structures of ships and boats plunged 99.8 per cent.
Food preparations also fell, by 42 per cent.
Pharmaceuticals also saw a decline, of 18.4 per cent.
Looking at its top 10 markets, Singapore’s key exports to Hong Kong, Taiwan and China grew in March.
However, exports to Indonesia, the Eurozone, the United States and Thailand declined.
Exports to Hong Kong expanded by 99.4 per cent due to semiconductors, which grew by 176 per cent, and non-monetary gold.
Singapore’s export growth to Taiwan was also driven by semiconductors and specialised machinery.
Exports to China also increased on the back of specialty chemicals, specialised machinery and semiconductors.
On the other hand, exports to US continued to decrease, by 2.7 per cent, although this was a smaller rate of decline compared with the 44.8 per cent fall in February.
