Singapore exports surge 40.6% in July on electronics demand

Investing.com -- Singapore's total exports grew 40.6% year-over-year in July, driven by strong electronics demand, according to the country's External Trade July 2026 data released Monday.

Non-oil domestic exports rose 24.2% year-over-year, extending the 20.8% increase from the previous month. Non-oil re-exports climbed 51.3% year-over-year, while oil and related exports increased 21.2% year-over-year.

Electronics exports jumped 112.0% year-over-year, continuing the 105.1% growth from June, supported by AI-related demand. Integrated circuits grew 84.5% year-over-year, disk media products surged 339.1% year-over-year, and personal computers rose 120.8% year-over-year.

Non-electronics domestic exports fell 2.3% year-over-year after posting 2.8% growth the prior month. Pharmaceuticals dropped 56.7% year-over-year, petrochemicals declined 22.5% year-over-year, and food preparations decreased 17.9% year-over-year.

Non-oil domestic exports to Taiwan increased 32.4% year-over-year, to the United States 62.8% year-over-year, and to China 37.6% year-over-year.

Non-oil re-exports to the United States rose 85.4% year-over-year, to Hong Kong 60.7% year-over-year, and to Malaysia 45.1% year-over-year.

Total trade increased 38.6% year-over-year in July, following a 49.3% rise in June. Total imports grew 36.3% year-over-year after the previous month's 49.7% increase.

Macquarie noted the trade data aligns with the Singapore government's recent increase in its GDP forecast for 2026. The firm identified a potential risk that the United States may apply further scrutiny on markets it views as potentially aiding tariff evasion, given the strong non-oil re-export growth.

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