Singapore January petrochemical exports rise sharply from 2009

17 February 2010 16:08  [Source: ICIS news]

SINGAPORE (ICIS news)--Singapore experienced a sharp year-on-year rise in petrochemical export volumes to its top 10 trading partners in January, with the exception of EU countries, the country’s Ministry of Trade and Industry said on Wednesday.

“The [21% year-on-year] increase in non-electronic, non-oil domestic exports was led by higher domestic exports of petrochemicals, primary chemicals and specialised machinery,” said the ministry.

Singapore’s top 10 trading partners and export destinations are the 27 member countries of the EU, the US, China, Malaysia, Indonesia, Hong Kong, Japan, South Korea, Thailand and Taiwan.

Singapore’s petrochemical exports to Hong Kong in January jumped by more than threefold compared with January 2009 – the highest among the city-state’s top trading partners for the month – according to the ministry’s figures.

Cargo volumes to Taiwan nearly tripled year on year, while those for China and Thailand more than doubled, the ministry said.

Volumes to Malaysia also more than doubled from January 2009, while those to Indonesia climbed by 63%.

Overall, the value of Singapore’s petrochemical exports in January totalled Singapore dollars (S$) 940m ($666.7m, €487m), more than double the figure for the same month last year, according to the ministry.

Singapore has multiple global petrochemical companies based at its Jurong Island chemicals hub, including Shell Chemicals, ExxonMobil Chemical, and the city-state manufactures a variety of basic chemicals as well as polymers and specialty products.

($1 = S$1.41/€1 = S$1.93)

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By: Nurluqman Suratman

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