UOB sees strong electronics export momentum into Q3 2026

AI demand continued to support electronics NODX as adoption expanded.

UOB expects Singapore’s electronics non-oil domestic exports (NODX) momentum to remain strong into the third quarter of 2026.

Electronics NODX growth accelerated to 105.1% year-on-year (YoY) in June, compared with 94.8% in May, widening the gap between electronics and non-electronics exports.

The continued strength in electronics exports was supported by AI-related momentum amidst rising corporate AI adoption and the broadening of AI applications into consumer devices, UOB said.

Integrated circuit exports remained robust, recording a slight 3.7% month-on-month (MoM) decline on a seasonally adjusted basis in June after averaging 13.9% monthly growth between March and May.

Printed circuit board (PCB) exports also strengthened, rising 21% MoM on a seasonally adjusted basis in June, following a 0.9% decline in May.

UOB said electronics export growth remained exceptionally strong across key markets closely linked to the semiconductor and electronics supply chain.

Electronics NODX growth to Taiwan reached 278.2% YoY in June, up from 218.6% in May.

Growth to South Korea stood at 145.9%, whilst exports to the US increased 228.9%.

The bank’s outlook for electronics exports was supported by Singapore’s electronics Purchasing Managers’ Index (PMI), which rose 0.3 points to 52.2 in June.

UOB said improvements in new export orders and order backlog sub-indices signalled robust underlying demand.

However, non-electronics NODX contracted 2.9% YoY in June, compared with 17.7% growth in May.

UOB said the decline reflected, in part, a 49% YoY fall in non-monetary gold exports.

Other non-electronics categories also weakened. Petrochemicals NODX declined for a third consecutive month, falling 2.4% MoM in June after declines in May and April.

UOB linked the weakness partly to Middle East-related disruptions, with petrochemical output remaining about 35% below the 2025 average based on May industrial production data.

Pharmaceuticals NODX fell 64.5% MoM in June after earlier gains, which UOB said likely reflected easing momentum from front-loading activity amidst US tariff-related uncertainties.

Overall NODX declined 8.9% MoM on a seasonally adjusted basis in June, reversing part of the strong gains recorded in the previous two months.

Growth moderated to 20.7% YoY, below Bloomberg’s consensus estimate of 28.7% and UOB’s forecast of 27%.

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