Singapore's Non-Oil Exports Surge 15.3% in March Driven by AI-Related Electronics Demand

Gate News message, April 17 — Singapore's non-oil domestic exports (NODX) rose 15.3% year-on-year in March, marking the seventh consecutive month of growth, according to data released by Enterprise Singapore. Strong artificial intelligence-related demand for electronic products drove the acceleration, despite the Iran war erupting at the end of February.

Electronic NODX surged 74% in March, with integrated circuits (semiconductors) as the standout performer, posting a 113.8% increase worth $1.7 billion. Personal computer exports rose 57.3% and disk media products climbed 78.3%. Non-electronic NODX, however, fell 0.6% year-on-year, though the decline was smaller than the 6.9% drop recorded in February.

On the non-electronics side, ship and boat structures plummeted 99.8%, while food preparations fell 42% and pharmaceuticals declined 18.4%. Among Singapore's top 10 export markets, shipments to Hong Kong, Taiwan, and China expanded in March. Hong Kong imports surged 99.4%, driven primarily by semiconductors, which jumped 176%. Exports to Indonesia, the Eurozone, the United States, and Thailand contracted, with U.S.-bound exports falling 2.7%, a smaller decline than February's 44.8% drop.

Singapore upgraded its 2026 export forecast in February to 2-4% growth, up from a previous projection of 0-2% made in November, citing improved global economic prospects and heightened AI-related demand.