Singapore’s September Exports Jump 68.4% as Ship Structures and AI-Linked Electronics Rise

Singapore’s non-oil domestic exports rose 68.4% from a year earlier in September, according to Enterprise Singapore data reported by The Straits Times and The Business Times. The increase followed a revised 46.1% rise in August and was more than double the 32.2% forecast in a Bloomberg poll of economists.

The measure tracks goods produced or substantially processed in Singapore and shipped overseas, excluding oil. September’s figure was driven chiefly by non-electronics exports, particularly large shipments of ship and boat structures, Enterprise Singapore said. Electronics shipments also continued to climb amid demand linked to artificial intelligence.

Non-electronics exports grew 54.2% year on year, up from 11.9% in August. Enterprise Singapore did not publish a year-on-year growth rate for ship and boat structures because the comparison was distorted by a low base in September 2025, according to both newspapers. Exports of non-monetary gold rose 124.3%, while specialised machinery shipments increased 50.4%.

Electronic exports rose 107.6%, easing from August’s 131.6% increase but still more than doubling from a year earlier. Enterprise Singapore’s figures showed gains of 312.4% for disk media products, 149.5% for personal computers and 74.7% for integrated circuits.

“While lumpy exports of structures of ships and boats as well as specialised machinery performed well, petrochemicals and pharmaceuticals shipments stayed in contraction,”Chua Han Teng, DBS senior economist

The distinction between the two drivers matters for the months ahead. Zavier Wong, an analyst at trading platform eToro, told The Straits Times that he did not expect September’s exceptional growth to recur in October, pointing to the size of the ship and boat structures category. DBS senior economist Chua Han Teng also noted that petrochemical and pharmaceutical shipments remained in contraction despite gains in ship structures and specialised machinery.

By destination, exports to Hong Kong rose 112.1% from a year earlier, while shipments to Taiwan increased 96.9% and those to the United States grew 73.2%, Enterprise Singapore data cited by both newspapers showed. Exports to India fell 5.6%. These are changes from the same month a year earlier, rather than shares of Singapore’s total exports.

For January through September, non-oil domestic exports grew 27.6% year on year. The Business Times reported that RHB raised its full-year growth forecast to 25% from 15.5%. The Straits Times reported that Enterprise Singapore had set a 2026 forecast range of 14% to 16% in August.

Economists cited by both newspapers expect AI-linked demand to support electronics exports in the near term, while warning that its pace could ease in 2027. Standard Chartered economists Edward Lee and Jonathan Koh said a sustained correction in AI-related assets could tighten financing conditions and lead technology companies to reassess spending, weighing on demand for Singapore’s electronics exports.