SINGAPORE – Singapore’s exports held firm in May, showing resilience even as the Middle East conflict entered its third month and weighed on global trade sentiment.
Non-oil domestic exports (Nodx) expanded by 38.4 per cent in May compared to a year earlier, extending the 24.4 per cent rise in April as strong artificial intelligence-related demand continued to lend support.
For the first five months of this year, Nodx grew by 18.1 per cent.
Analysts polled by Bloomberg had projected a 30.8 per cent jump in May Nodx.
Electronics Nodx surged by 94.8 per cent year on year in May, underpinned by robust AI-related demand. In April, it grew by 66.7 per cent year on year.
Electronic Nodx was driven by integrated circuits, disk media products and personal computers.
Non-electronic Nodx expanded by 17.7 per cent in May, extending the 10.9 per cent jump seen in April.
Non-electronics Nodx was driven by pharmaceuticals, specialised machinery and non-monetary gold. All grew from a low base a year ago.
By major markets, Nodx to Taiwan, the United States and China expanded in May, while key exports to Indonesia contracted.
Total merchandise trade rose by 39.7 per cent in May, extending the 33 per cent expansion in April. Both exports and imports grew.
