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Singapore NODX growth holds above 20% for fourth straight month in July
Singapore NODX rose 24.2% in July, extending above-20% growth to four months. AI-linked electronics demand drove the gain, officials said, after the government sharply raised its 2026 trade forecast last week.
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Singapore's non-oil domestic exports rose 24.2% year on year in July, government data showed Monday, extending a run of growth above 20% to a fourth consecutive month. The reading came in just below the 25% median forecast in a Reuters poll.
Enterprise Singapore said exports increased to nine of the city-state's top ten markets, with the United States, China and Taiwan leading the gains. The agency attributed the strength to AI-linked demand for electronics, which continued to outweigh a decline in non-electronics goods.
The July print lands a week after Enterprise Singapore sharply upgraded its full-year 2026 NODX forecast to a range of 14% to 16% from a prior estimate of 3% to 5%. That revision followed separate data showing Singapore's economy grew 5.9% year on year in the second quarter, beating both the Reuters poll estimate and the earlier official advance reading. The Trade Ministry raised its full-year GDP growth forecast to 4.5% to 5.5% from 2.0% to 4.0%.