Singapore’s March non-oil exports rise 15.3% on strong AI-driven electronics demand 

Singapore’s non-oil domestic exports (NODX) rose 15.3 per cent in March, as strong AI-related demand boosted electronics shipments, according to figures released by Enterprise Singapore (EnterpriseSG) on Friday (Apr 17).

Singapore’s non-oil domestic exports grew by +15.3%yoy in Mar-26 (Feb-26: +4.0%yoy), marking the 7th straight month of expansion and the fastest expansion since Oct-25. The surge was underpinned by strong performance of electronics exports, which rose by +74.0%yoy (Feb-26: +43.1%yoy) stemming from robust AI-related demand, coupled with a low base a year ago.

Electronic exports were primarily driven by triple-digit growth in integrated circuits (+113.8%yoy), alongside significant gains in disk media products (+78.3%yoy) and PCs (+57.3%yoy). In contrast, non-electronics fell slower by -0.6%yoy (Feb-26: -6.9%yoy), continued to be weighed down by sharp contractions in ship and boat structures (-99.8%yoy), food preparations (-42.0%yoy), and pharmaceuticals (-18.4%yoy). 

non-oil exports

By destination, shipments surged across Asia, led by Hong Kong (+99.4%yoy), Taiwan (+63.1%yoy), and South Korea (+44.1%yoy), with China and India also posting double-digit gains. In contrast, exports declined to Indonesia (-56.8%yoy), the EU (-11.9%yoy), the US (-2.7%yoy), and Thailand (-1.0%yoy). On monthly basis, non-oil domestic exports rose softer by +3.0%mom (Feb-26: +3.9%mom).  

Looking ahead, the momentum in electronics exports is set to persist, bolstered by robust global AI demand and Singapore’s strength in memory chips and server-related products. While near-term impacts from Middle East tensions remain limited, the sector is not entirely insulated; a prolonged conflict could disrupt the supply of helium, a critical resource for which Qatar is a primary global supplier.   –
MBSB Research

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