SINGAPORE: Singapore's non-oil domestic exports rose by 38.4% in May from a year earlier, data showed on Wednesday, as robust AI-related demand boosted exports of integrated circuits, disk media products and PCs.
The figure was higher than the median forecast of 31.1% growth in a Reuters poll.
LSEG data showed it was the largest rise in export readings over the past 20 years. Among key markets, exports to Taiwan, the United States and China rose, while shipments to Indonesia were lower than a year earlier, Enterprise Singapore said.
Exports of electronics to the U.S. rose by an annual 303% and those to Taiwan rose by 218.6%, the data showed.
In June, the U.S. Trade Representative accused 60 countries, including Singapore, of failing to curb trade in goods made with forced labour and proposed additional tariffs of 12.5% on Singapore's exports to the U.S.
Singapore's trade ministry denied the assertion and said the nation has enforced against such illegal practices within its borders.
It said about a third of Singapore's direct exports to the U.S. could be affected by the additional tariffs. - Reuters
