Singapore’s July NODX holds above 20%: Structural upcycle gains staying power

Singapore’s July NODX rose 24.2% year on year, accelerating from 20.8% in June and extending its growth streak to eleven consecutive months. This marked the fourth consecutive month of growth above 20%, underscoring the resilience of the current export upswing even as growth has moderated from earlier peaks.

Figure 1: Singapore’s NODX has expanded for eleven consecutive months

Electronic NODX remained the dominant driver, surging 112.1% year on year on continued strength in AI-related demand. Growth was led by disk media products (+339.1%), personal computers (+120.8%), and integrated circuits (+84.5%), highlighting sustained demand across storage, computing, and semiconductor components supporting AI infrastructure. In contrast, non-electronic NODX declined 2.3%, weighed mainly by pharmaceuticals (-56.7%), which fell from a high base a year earlier.

The geographic composition also points to broad-based strength across key export markets. NODX increased in nine of Singapore’s top ten markets, led by the US, where electronic exports more than tripled, driven by strong shipments of disk media products and personal computers. Exports to China and Taiwan also recorded firm growth, reflecting Singapore’s continued integration within the regional semiconductor manufacturing ecosystem.

Table 1: NODX rose across nine of Singapore’s top ten markets, with the EU 27 the sole exception

Market	NODX	Electronic NODX	Non-Electronic NODX
US	62.8%	378.8%	-10.3%
South Korea	53.3%	112.1%	30.9%
China	37.6%	58.6%	33.9%
Hong Kong	36.4%	123.3%	-37.5%
Taiwan	32.4%	122.1%	-10.0%
Malaysia	23.4%	26.3%	20.5%
Thailand	18.0%	48.9%	-1.1%
India	13.0%	103.1%	-12.8%
Indonesia	12.4%	113.0%	-0.7%
EU27	-35.5%	154.7%	-50.4%
Source: Enterprise SG, iFAST Compilations Data as of 17 August 2026

Structural drivers underpin a strengthening outlook

The outlook for Singapore’s exports has strengthened materially. Following an exceptionally strong first half, Enterprise Singapore raised its full-year 2026 NODX forecast to 14.0% to 16.0%, sharply above its previous range of 3.0% to 5.0%. The revision reflects the stronger-than-expected momentum seen in the first half of the year and was accompanied by a broader improvement in Singapore’s macro-outlook. The Ministry of Trade and Industry also raised its 2026 GDP growth forecast to 4.5% to 5.5%, from 2.0% to 4.0%, citing stronger-than-expected growth in the electronics sector amid the global AI investment boom. The simultaneous upgrades to both trade and GDP forecasts reinforce the view that the current upswing is not temporary, but has a strong foundation to continue through the remainder of the year.

Regional data provides further support. Singapore’s strength has been mirrored across Asia’s major electronics exporters. Korea’s exports rose 63% year on year in July to a near-record high, with semiconductor exports surging 179%, while Taiwan recorded its third-strongest export month on record, alongside a record high in electronic component exports. The synchronised strength across the region points to a broader semiconductor upcycle rather than a Singapore-specific phenomenon, with AI-related demand providing a key underlying driver.

Table 2: July's export surge was synchronised across Asia's major electronics exporters, led by semiconductors

Singapore is well positioned to benefit from this cycle because it participates across multiple stages of the semiconductor supply chain, spanning memory chips, chip manufacturing, and advanced packaging. Memory demand is particularly supportive: AI data centres require large volumes of NAND flash for storage and high-bandwidth memory (HBM) to support AI computing, while supply remains relatively tight. Ongoing capacity expansion should further reinforce Singapore’s position. Micron’s HBM advanced packaging facility is expected to contribute from 2027, while its USD 24 billion NAND fabrication plant is scheduled to begin production in the second half of 2028. At the same time, investments by GlobalFoundries, UMC, and the VSMC joint venture are expanding Singapore’s semiconductor manufacturing and advanced-packaging capabilities. Together, these projects provide a visible pipeline of new capacity that should support export growth beyond 2026.

Related article: SG’s 2026 growth forecast upgraded to 4.5–5.5%: AI upcycle lifts outlook, positive view maintained

Structural drivers remain intact, positive view maintained

Year-on-year growth may moderate from the peak in the coming months as export values begin to lap the elevated base set in late 2025. However, this would reflect the arithmetic of a maturing cycle rather than a deterioration in underlying demand, which remains supported by global AI infrastructure investment and the ongoing semiconductor upcycle, with continued investment visibility into years ahead.

Against this backdrop, Singapore’s export outlook remains underpinned by its deep integration into the global semiconductor supply chain. With cumulative NODX growth reaching 19.4% in the first seven months of 2026, comfortably within Enterprise Singapore’s newly raised forecast range, and continued investment across chip manufacturing, advanced packaging and memory, the structural drivers supporting exports remain firmly in place.

We maintain our positive view on Singapore. For investors seeking exposure to Singapore’s equity market, we continue to recommend positioning through the Amova Singapore STI ETF (SGX: G3B), and the iFAST-Amova Singapore Equity A SGD for broader exposure.

Declaration

For specific disclosure, at the time of publication of this report, IFPL (via its connected and associated entities) and the analyst who produced this report hold a NIL position in the abovementioned securities.

This research report was prepared with the assistance of artificial intelligence (AI) tools. iFAST Financial Pte Ltd does not rely exclusively on AI for content generation; the content of this report, including all investment theses, ratings, price targets and conclusions, has been independently reviewed and verified by the research analyst(s) to ensure accuracy and professional integrity.