Ship structures help Singapore exports surge 68.4%
Singapore’s non-oil domestic exports rose 68.4 per cent in September from a year earlier, accelerating from August. Large, irregular shipments of ship and boat structures drove the increase in non-electronic goods, while electronics also expanded strongly. The figures put an unusually large shipment contribution alongside demand for products linked to artificial intelligence.
Economics & Markets··Midday
Ship structures drive the export acceleration
Singapore’s non-oil domestic exports increased 68.4 per cent in September from a year earlier, following growth of 46.1 per cent in August. Enterprise Singapore, the country’s trade development agency, attributed the acceleration principally to non-electronic goods and large shipments of ship and boat structures. The timing of these shipments varies considerably between months. Electronic exports also continued to rise strongly, with demand linked to artificial intelligence supporting the expansion.[1], [2]
Electronics exports more than double
Electronic non-oil domestic exports rose 107.6 per cent, after an increase of 131.6 per cent in August. Growth in non-electronic goods accelerated from 11.9 per cent to 54.2 per cent. Disk media products, integrated circuits and personal computers were the main contributors within electronics. Exports of non-monetary gold increased 124.3 per cent and specialised machinery 50.4 per cent. Over the first nine months, non-oil domestic exports grew 27.6 per cent.[1]
Re-exports grow at a slower pace
Non-oil re-exports rose 47.8 per cent in September, easing from 53.2 per cent in August. Total merchandise trade expanded 50.8 per cent as both exports and imports rose. Non-oil domestic exports to the United States, Taiwan and Hong Kong increased, while shipments to India declined. These merchandise figures measure nominal trade values rather than changes in physical production volumes.[1]
