Singapore's Exports Surged in May

By Amanda Lee

SINGAPORE--Singapore's non-oil domestic exports surged in May, supported by robust electronics shipments as sustained demand for artificial intelligence applications continued to lift trade.

The city-state's non-oil domestic exports rose 38.4% in May from a year earlier, Enterprise Singapore said Wednesday, outpacing the revised 24.4% growth in April and exceeding the 31.25% median forecast in a Wall Street Journal poll.

Electronics shipments--a key driver of Singapore's export growth--jumped 94.8% in May, accelerating from a 66.7% increase in April.

Non-electronics exports climbed 17.7% last month, higher than the 10.9% increase in April.

For the year through May, NODX was up 18.1%.

Shipments to the U.S., China and Taiwan expanded in May, while exports to Indonesia declined, Enterprise Singapore said.

In May, Enterprise Singapore raised its 2026 NODX growth forecast to 3%-5%, from a previous projection of 2%-4%, citing stronger-than-expected first-quarter performance and resilient AI-related demand.

Still, uncertainty surrounding global trade policy remains a key risk to the outlook. Analysts have warned that escalating protectionist measures and renewed tariff disputes could weigh on Singapore's trade flows and business sentiment.

OCBC Global Research analysts said Singapore should be able to manage the direct impact of any additional U.S. tariffs, noting that several of the country's major exports to the U.S., including semiconductors, remain exempted from existing tariff measures.

"However, the bigger concern is that this adds to growing trade policy uncertainty and signals a further shift towards protectionism," OCBC said.

 
Singapore's Non-Oil Domestic Exports to Top Markets (% Y/Y) 
 
 
                 May          April 
Taiwan        +135.2          +33.5 
U.S.           +80.9          +59.6 
China          +31.0          +37.8 
South Korea    +67.2          +71.1 
EU 27          +41.4          +33.4 
Hong Kong      +39.5          +63.1 
Thailand       +43.4          +11.2 
Malaysia       +12.4          +19.7 
India          +18.2          +13.0 
Indonesia      -26.9          -60.8 
 

Write to Amanda Lee at amanda.lee@wsj.com

(END) Dow Jones Newswires

June 16, 2026 20:46 ET (00:46 GMT)