Singapore's petchem exports down 0.9% in '12; non-oil NODX up 0.5%

22 February 2013 06:30  [Source: ICIS news]

SINGAPORE (ICIS)--Singapore’s petrochemical exports slipped by 0.9% year on year in 2012, weighed by a dip in overseas shipments in the first quarter of the year, official data showed on Friday.

The city-state’s petrochemical exports fell by 14.2% in January-March 2012 before rebounding to positive growth for the next three quarters of the year, according to International Enterprise (IE) Singapore.

Its exports of petrochemicals rose by 3.6% and 5.7% year on year in the second and third quarters of 2012, respectively. Shipments rose by 4.1% year on year in the fourth quarter.

Overall non-oil domestic exports (NODX) rose marginally by 0.5% in 2012 after increasing by 2.2% in the previous year, buoyed by higher non-electronic exports.

Non-electronic NODX rose by 3% year on year in 2012, with overall shipments from the chemicals cluster - which comprises pharmaceuticals and petrochemicals products – up by 4.6%.

Exports of pharmaceuticals rose by 10.3% year on year in 2012.

Non-electronic NODX to all top markets, except Malaysia, grew in 2012.

The biggest contributors to the increase in non-electronic NODX last year were South Korea, the US and Hong Kong.

Singapore’s overall exports slipped by 0.9% in 2012 while imports grew by 3.2% in the same period.

“Global macroeconomic conditions have shown signs of stabilisation over the recent months. However, uncertainties in global demand outlook continue to be blurred by economic uncertainties especially in the developed economies,” IE Singapore said.

Singapore’s NODX is expected to register growth of 2-4% in 2013, it added.

By: Nurluqman Suratman

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