Singapore's exports surged significantly in May.

Boosted by the continuous demand for artificial intelligence applications, electronic product shipments remained strong, supporting a significant increase in Singapore's non-oil domestic exports in May. The Singapore Enterprise Development Agency said on Wednesday that non-oil domestic exports in Singapore grew by 38.4% year-on-year in May, faster than the revised 24.4% growth in April and higher than the median forecast of 31.25% from a media survey. Electronic product shipments, a key driver of Singapore's export growth, soared by 94.8% in May, higher than the 66.7% growth in April. Non-electronic product exports grew by 17.7% last month, higher than the 10.9% growth in April. For the first five months of this year, non-oil domestic exports increased by 18.1%. In May, the Singapore Enterprise Development Agency raised its forecast for non-oil domestic export growth in 2026 from the previous estimate of 2%-4% to 3%-5%, citing stronger than expected first-quarter performance and resilient demand related to artificial intelligence.