Singapore’s non-oil domestic exports (NODX) rose 38.4% year-on-year in May 2026, marking the highest increase in more than 20 years, officials reported [1, 2, 3, 4]. Electronics exports surged 94.8% in the same month, following 66.7% growth in April, underpinning the overall export strength [1, 2, 4]. Integrated circuits exports climbed 80.9%, while disk media products saw an extraordinary 227.8% increase, more than tripling compared to May 2025 [1, 2, 5, 6, 4]. Personal computer exports also jumped 140.9% year-on-year [1, 2, 4]. The electronics exports were valued at around SGD 7.1 billion (USD 5.5 billion) in May 2026 [5, 6].
Non-electronics NODX expanded 17.7%, supported by pharmaceuticals, specialised machinery, and non-monetary gold [2, 4]. Singapore’s exports to Taiwan more than doubled, driven by integrated circuits, disk media products, and specialised machinery shipments [2, 4]. Chua Han Teng noted that the export wave was "underpinned by AI-driven electronics shipments and increasing supply chain links with Taiwan and South Korea" [4].
The export surge is mainly attributed to robust international demand for AI-related technology and increased capital spending by top tech firms including Microsoft, Alphabet, Meta, and Amazon, which collectively raised their 2026 capital expenditure plans past US$700 billion in late April [1, 2, 3]. Analyst Zavier Wong said, "A handful of the world’s largest technology companies are all scaling toward this direction simultaneously, and the sheer size of those individual commitments is what’s moving supply chains" [1]. Selena Ling highlighted, "This is the highest rise in two decades" for Singapore’s non-oil export sector [1].
Overall goods exports grew 36.1% year-on-year in May 2026, accelerating from April's 31.7% gain [2]. This strong trend follows April's 24.4% NODX growth, driven by electronics' 66.7% rise [1, 2].
The next major update on Singapore’s export performance is expected when June 2026 trade figures are released, which will show whether the AI-driven momentum sustains after a record-breaking May.
