Singapore's Exports Increased by 38.4%

Singapore's domestic exports grew 38.4% year-over-year in May. This is the highest growth rate in the last 20 years and exceeded analyst forecasts.

According to Enterprise Singapore, the main driver of growth was strong demand for artificial intelligence-related technologies. Semiconductors, personal computers, and data storage devices accounted for a particularly large share of exports.

Trade grew most significantly toward Taiwan, the United States, and China. Growth was particularly sharp in the United States, where electronics exports increased 303% year-over-year. Growth toward Taiwan reached 218.6%.

In May, Singapore's exports grew in almost all major markets. A decline was recorded only in the direction of Indonesia.

Source: Investing.com