Singapore’s non-oil domestic exports surged by 46.2% in August from a year earlier, government data showed on Thursday, a fifth straight month of growth above 20% as electronic shipments continued to be powered by robust AI-related demand.
The London Stock Exchange data showed it was the largest rise in exports in a series dating back to November 2005. The figure was higher than the median forecast of 35.3% growth in a Reuters poll.
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People gather on the boardwalk at Marina Bay in Singapore on Jan. 9, 2024. Photo by AFP |
Electronics exports rose by 131.8% in August from a year earlier, and shipments of non-electronics rose by 12.0%, Enterprise Singapore said in a statement.
Shipments rose to nine of Singapore’s top 10 markets, with exports to the U.S. rising by 91.0% from a year earlier. Shipments to China and South Korea rose by 70.3% and 87.1%, respectively.
In August, Enterprise Singapore upgraded its forecast for growth this year in non-oil domestic exports to 14% to 16%, from 3% to 5%