Upcycle is intact for Singapore semiconductor stocks despite sharp sell-off

SINGAPORE’S non-oil domestic exports (NODX), a key gauge of the country’s manufactured exports, rose 68.4 per cent year on year in September, accelerating from 46.1 per cent in August. This marks the 13th straight month of growth.

The headline was flattered by lumpy shipments of ship and boat structures, but the artificial intelligence story remains intact. Electronic NODX more than doubled, rising 107.6 per cent, led by disk media products, integrated circuits and personal computers.

Exports to the US rose 73.2 per cent, while shipments to Taiwan and South Korea almost doubled, a sign of how closely Singapore is now woven into the regional semiconductor supply chain.