Singapore’s non-oil domestic exports (NODX) surged 38.4% year-on-year in May 2026, sharply up from April’s 24.5% increase and beating market expectations of 30.0%. This marked the ninth straight month of expansion and the fastest pace since December 2003, underpinned by continued strength in electronics (94.8% vs. 66.7% in April), driven by robust AI-related demand.
Growth in electronic exports was led by disk media products (227.8%), PCs (140.9%), and integrated circuits (ICs, 80.9%). Non-electronic NODX also gained traction, rising 17.7% after a 10.9% increase in April, supported by higher shipments of pharmaceuticals (102.6%), non-monetary gold (83.2%), and specialised machinery (66.9%).
By destination, exports jumped to Taiwan (135.2%), the US (80.9%), South Korea (67.2%), Thailand (43.4%), Hong Kong (39.5%), China (31.0%), and the EU (41.4%). In contrast, shipments to Indonesia fell sharply, declining 26.9%.
