18 February 2013 02:28 [Source: ICIS news]
SINGAPORE (ICIS)--Singapore’s exports of petrochemicals rose by 28% year on year to Singapore dollars (S$) 1.21bn ($976m) in January this year, partly boosted by a surge in shipments to China and Taiwan, as overall non-oil exports grew, official data showed on Monday.
Petrochemical exports to China and Taiwan rose by 47% and 89% year on year, respectively, in January this year, according to International Enterprise (IE) Singapore.
Overall exports from the city-state’s chemicals cluster slipped by 1.4% year on year to S$3.95bn in January, weighed by the 11.5% fall in pharmaceuticals shipments at S$1.53bn.
Singapore’s non-oil domestic exports (NODX) rose by 0.5% year on year to S$14.1bn in January, reversing the 16.3% contraction in the previous month, as non-electronic NODX outweighed the decline in electronic NODX.
On a year-on-year basis, non-electronic NODX expanded by 3.8% in January 2013, compared to the 14.8% decline in the previous month. Electronic NODX was down by 5.6% in January.
Shipments to all of Singapore’s top 10 NODX markets, except the 27 countries of the EU, the US, Thailand, Hong Kong and South Korea, rose in January 2013. The top three contributors to the increase in NODX in January this year were China, Taiwan and Japan.
Singapore’s total exports were up by 2.2% in January, following the 13.8% contraction in the previous month. Overall imports were up by 0.6% in January, compared with the 1.5% decline in the previous month.
($1 = S$1.24)
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