Singapore’s exports rose by nearly 25% in April compared with the same period a year earlier, driven by strong demand for artificial intelligence-related products that offset global uncertainty linked to Middle East tensions, official data showed on Monday.
Non-oil domestic exports grew by 24.5%, exceeding forecasts and extending March’s 15.3% increase, according to Enterprise Singapore, the government agency that supports local firms in overseas markets.
As a highly trade-dependent economy with limited domestic consumption, Singapore is widely regarded as a key indicator of global trade conditions.
Enterprise Singapore said electronics exports continued to expand, supported by robust demand linked to artificial intelligence.
The growth highlights rising global demand for advanced AI chips, which are increasingly used across a wide range of devices, including laptops, smartphones and next-generation data storage systems.
Exports to the United States jumped 59.6%, recovering sharply from a 2.8% decline in March. Shipments to China rose 37.8%, compared with 20.3% in the previous month, while exports to the European Union increased 33.4%, reversing a 12.2% fall in March.
On 1 May, Prime Minister Lawrence Wong warned that Singapore’s economic growth could slow this year due to instability in the Middle East and disruptions affecting global shipping routes.
Shipping through the Strait of Hormuz, a critical waterway through which around one-fifth of global oil and gas flows, has been largely disrupted since tensions escalated in the region following strikes involving the United States and Israel on Iran on 28 February.
The closure, along with restrictions on maritime traffic to Iranian ports, has unsettled global energy markets and raised concerns over inflationary pressures and weaker international growth.
Prime Minister Lawrence Wong did not provide specific forecasts but noted in February that Singapore’s economy was expected to grow between 2% and 4% this year, revised up from a previous estimate of 1% to 3%.
He urged citizens to prepare for “a more difficult period ahead”, while adding that past policy measures to strengthen energy resilience, including developing Singapore as a major oil refining and trading hub, would help the country withstand external shocks.
