Singapore's September exports surge 68.4% year-on-year, led by non-electronics

Enterprise Singapore reported that Singapore's non-oil domestic exports surged 68.4% in September, outpacing the 32.2% consensus forecast. Electronics exports rose 107.6% year-on-year, buoyed by robust demand for AI-related products such as disk media, integrated circuits and PCs, albeit at a slower rate than August's 131.6% jump. Non-electronics exports expanded 54.2%, led by ship and boat structures, non-monetary gold and specialised machinery, with the high growth rate reflecting a low base last year.

Overall merchandise trade grew 50.8% year-on-year, with exports up 51.5% and imports up 49.9%. Exports to nine of the top ten markets increased, while shipments to India fell 5.6% after a prior rise.