Singapore's non-oil domestic exports expanded significantly in May, recording a 38.4 percent year-over-year increase, according to Enterprise Singapore. This follows strong 24.4 percent growth posted in April.
The acceleration was powered by the electronics sector, which surged 94.8 percent compared to the previous year. Enterprise Singapore attributed the explosive growth to robust global demand for artificial intelligence applications. Integrated circuits, disk media products, and PCs were the primary drivers.
Non-electronic exports also maintained positive momentum, rising 17.7 percent. Pharmaceuticals, specialized machinery, and non-monetary gold contributed to the increase.
On a market basis, shipments to Taiwan, the United States, and China expanded. However, exports to Indonesia contracted compared to the same period last year.