Singapore non-oil exports jump 68.4% in September
Electronics shipments more than doubled from a year earlier, with triple-digit growth in exports to the US, Taiwan and South Korea.
Singapore’s non-oil domestic exports (NODX) rose 68.4% in September compared with a year earlier, marking the strongest growth since February 1980. Analysts linked the increase to semiconductor demand that supported electronics shipments.
Electronics exports increased 107.6%. Within that category, disk media shipments grew 312.4%, personal computers rose 149.5% and integrated circuits gained 74.7%. By destination, electronics shipments to South Korea climbed 222.6%, while those to the US increased 219.8% and Taiwan rose 109.6%.
Growth extended beyond electronics: non-electronics exports increased 54.2%, supported by gains of 124.3% for non-monetary gold and 50.4% for specialised machinery.
CGS International expects semiconductor demand and investment related to artificial intelligence to support NODX resilience through the fourth quarter. It kept its NODX growth forecast at 25% year-on-year, with potential for stronger growth from sustained AI-related demand.
The firm cautioned that slower global AI capital spending, weaker chip orders or disruption to regional trade could undermine export momentum. Nomura also expects the chip cycle, wider AI-related demand and new capacity to support electronics manufacturing. It retained its forecast for Singapore’s 2026 GDP growth at 5.7%.
