Singapore’s non-oil domestic exports (NODX) expanded by 24.5 percent year on year in April 2026, extending the 15.3 percent growth in March, as electronics continued to expand, supported by robust artificial intelligence (AI)-related demand.

The AI growth was driven mainly by integrated circuits (ICs) (+82.7 percent), disk media products (+148.9 percent) and personal computers (PCs) (35.7 percent), Enterprise Singapore said in a statement on Monday.

NODX to the United States, China and South Korea expanded in April 2026, while NODX to Indonesia contracted.

NODX grew by 13.5 percent in the first four months of 2026.

Meanwhile, the city state’s non-oil re-exports (NORX) rose by 29.6 percent in April, easing from the 60.8 percent expansion in March, driven mainly by electronics, with support from non-electronics.

ICs surged 38.6 percent, while PCs soared 152.1 percent; specialized machinery grew 12.4 percent; telecommunications Equipment jumped 86.9 percent.

NORX to Taiwan (+48.3 percent), Thailand (+115.8 percent) and Hong Kong (+20.2 percent) rose in April.

Overall, total merchandise trade rose by 33.1 percent in April, following the 38.3 percent expansion in the preceding month, with both exports and imports grew.

“The K-shaped NODX growth is expected to persist in the months ahead, driven by sustained outperformance in the electronics/semiconductor segment amid strong AI-related demand and ongoing agentic rollout by firms,” UOB Global Economics & Markets Research said in a note.

While there are early signs that the electronics and semiconductor cycle may be approaching a peak, the research house believes it is still premature to conclude that the cycle has peaked.

According to UOB, Taiwan’s technology exports to the United States have likely peaked on a three-month moving average year-on-year basis.

Meanwhile, South Korea’s semiconductor exports eased slightly in April in nominal terms, although they remained strong at above $30 billion.

UBO highlighted that the April exports growth reflects still-robust AI-related demand and the diffusion of AI applications into consumer electronics.

It is noted that electronics purchasing managers index (PMI) rose by 0.3 percentage points to 51.7 in Apr from 51.4 from March, driven by increases in the new orders and order backlog subindices, indicating optimistic near-term prospects.

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