Singapore: Merchandise trade surplus increases in April
Latest reading: In April, the trade balance was USD +10.2 billion, following a USD +8.7 billion reading in the prior month. Over the last 12 months, the trade balance summed to 73.7 USD billion.
Non-oil domestic exports (NODX) climbed 24.5% year on year, up from a 15.3% expansion in the previous month. The acceleration was driven by 10.9% growth in non-electronic exports, following a 0.6% fall in March. Meanwhile, electronics export growth moderated from March, but remained sky-high at 60.4% year on year (March: +73.9% yoy), reflecting solid AI-related demand and the spread of AI applications into consumer electronics.
In seasonally adjusted month-on-month terms, non-oil domestic exports (NODX) were up 11.0% in April, following a 3.0% increase in the previous month. April’s reading was the strongest since June 2025.
Panelist insight: Jester Koh from the United Overseas Bank commented:
“NODX growth is expected to persist in the months ahead, driven by sustained outperformance in the electronics/semiconductor segment amid strong AI-related demand and ongoing agentic rollout by firms. In contrast, non-electronics exports may weaken, reflecting supply shortages in the chemicals segment and a surge in energy prices alongside broader spillovers, weighing on external demand. While there are signs of an emerging peak in the electronics/semiconductor cycle […] we believe it is still too premature to call for one.”