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Singapore, August 17 (QNA) – Singapore’s non-oil domestic exports recorded strong growth last July, rising 24.2 percent year on year, driven by growing demand related to artificial intelligence.
The increase came after exports grew by 20.8 percent in June, yet below economists’ expectations, who had forecast an increase of 26.5 percent.
Non-oil domestic exports of electronic products jumped 112 percent in July, with storage media products topping the list of the fastest-growing products, after their exports rose by 339.1 percent, according to data from Enterprise Singapore.
Exports of computers also recorded an increase of 120.8 percent, while exports of integrated circuits rose by 84.5 percent.
In contrast, non-oil domestic exports of non-electronic products declined by 2.3 percent, mainly affected by a decrease in pharmaceutical exports, which fell by 56.7 percent.
Exports of petrochemical products and food preparations also recorded declines of 22.5 percent and 17.9 percent, respectively, limiting the overall gains in non-oil exports during the month. (QNA)
