SINGAPORE – Singapore’s export engine continued to power ahead in April despite the Iran war, making for an eight straight month of growth.
Non-oil domestic exports surged 24.5 per cent in April compared to a year earlier, extending the 15.3 per cent growth in March.
The growth surpassed the 11.6 per cent forecast made by analysts polled by Bloomberg.
Electronic NODX rose by 66.7 per cent year on year in April from 73.9 per cent in March, propelled by robust artificial intelligence-related demand.
Demand for integrated circuits grew by $1.5 billion, disk media products by $0.7 billion and personal computers by $0.3 billion.
Non-electronic NODX expanded 10.9 per cent in April compared to a 0.6 per cent contraction in March. The growth in April was driven by demand for pharmaceuticals which grew by $0.8 billion, rising from a low base a year ago, as well as specialised machinery and measuring instruments.
NODX to the US grew 59.6 pre cent due to pharmaceuticals, disk media products and measuring instruments.
Shipments to China expanded by 37.8 per cent, driven by specialised machinery, non-monetary gold and ICs.
Exports to South Korea climbed 71.2 per cent due to ICs, specialised machinery and PCs.
