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Trade Trends News
19-09-2024
Driven by the overseas sales of integrated circuits and disk media products, Singapore's electronics exports saw the largest increase since 2010, as the global tech boom brought significant benefits to the city-state.
Data released by Enterprise Singapore on Tuesday showed that in August, electronics exports surged 35.1% year-on-year, following a revised 16.8% growth in the previous month. This marks the fastest increase since June 2010.
The strong performance of electronics exports has boosted Singapore’s economy, positioning its GDP to meet or even exceed expectations, likely hitting the upper half of the forecasted 1% to 3% growth range.
Singapore is home to some of Southeast Asia’s largest chip manufacturing plants.
As companies diversify their tech supply chains beyond mainland China and Taiwan to mitigate risks associated with tensions between Beijing and Washington, both Singapore and the broader Southeast Asian region are benefiting.
Selena Ling, chief economist at OCBC Bank, noted in a report, “There are market rumors that China is pre-ordering chips in anticipation of potential U.S. trade tariffs targeting China.”
"Due to the ongoing U.S.-China confrontation, many uncertainties remain," she added.
Global tech companies, driven by the demand for new services such as generative AI, have announced multi-billion-dollar investments in the region this year, further contributing to the surge in electronics exports.
However, trade-dependent Singapore has reasons to remain cautious.
Taiwan's non-oil domestic exports grew by 10.7%, falling short of the median forecast of 15% from a recent survey. On a month-on-month basis, overseas sales declined by 4.7%, reversing a 12.2% gain in July.
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