Singapore’s key exports up 24.5% in April, beating forecasts

[SINGAPORE] The Republic’s key exports sharply exceeded forecasts in April, rising 24.5 per cent year on year.

This came on the back of robust artificial intelligence-related demand, Enterprise Singapore data showed on Monday (May 18).

The expansion was more than double the 10.9 per cent growth forecast by private-sector economists in a Bloomberg poll. It also extended March’s 15.3 per cent increase.

Both electronics and non-electronics exports grew in April. 

Electronics exports grew 66.7 per cent, easing from March’s 73.9 per cent increase. Disk media products (148.9 per cent), integrated circuits (82.7 per cent) and PCs (35.7 per cent) contributed the most to the expansion.

Meanwhile, non-electronics shipments expanded 10.9 per cent, reversing from March’s 0.6 per cent decline. Categories that experienced growth were pharmaceuticals (97.1 per cent), measuring instruments (60.5 per cent), and specialised machinery (23.6 per cent).

Overall, total merchandise trade grew 33.1 per cent year on year in April, down from March’s 38.3 per cent increase. Both exports and imports rose.

In April, key exports to all but one of Singapore’s top 10 markets rose.

Non-oil domestic exports (NODX) to Indonesia fell 60.8 per cent, extending the previous month’s 56.8 per cent decline.

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Singapore’s key exports up 15.3% in March from AI-related electronics surge

In contrast, NODX to all other markets posted growth in April. This was led by South Korea (71.2 per cent), followed by Hong Kong (63.2 per cent), and the US (59.6 per cent).

China, Taiwan and the European Union 27 posted growth of 37.8 per cent, 33.5 per cent and 33.4, respectively.

This was followed by Malaysia (19.7 per cent), India (13 per cent) and Thailand (11.2 per cent).