AI-fuelled electronics to keep Singapore exports resilient, but growth becoming increasingly concentrated
The gap between electronics and non-electronics exports widens further in June
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[SINGAPORE] Artificial intelligence-driven demand for electronics is expected to keep Singapore’s exports resilient in the second half, although economists warned that growth is becoming increasingly reliant on a single sector as non-electronics exports continue to weaken.
This comes after Singapore’s non-oil domestic exports (NODX) rose 20.7 per cent year on year in June, moderating from the 38.4 per cent increase in May.
Although June’s NODX growth fell short of economists’ median forecast of 28.7 per cent, OCBC chief economist Selena Ling said electronics exports nevertheless recorded their “strongest... growth for as far back as 1998”.
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