Singapore June petchem exports grow 5.7%; total NODX shrinks 8.8%

17 July 2013 04:59  [Source: ICIS news]

SINGAPORE (ICIS)--Singapore’s petrochemical exports in June rose by 5.7% year on year to Singapore dollar (S$) 1.08bn ($857m), in contrast to the overall dip in non-oil domestic exports (NODX), official data showed on Wednesday.

The country’s overall NODX last month shrank by 8.8% year on year to S$14.3bn, while non-electronic NODX – which includes pharmaceuticals and petrochemical exports – fell by 7.1% to S$9.85bn, according to International Enterprise (IE) Singapore.

Petrochemicals exports in June grew at a stronger pace compared with a 3.9% pace recorded in May.

June NODX, on the other hand, had a steeper contraction compared with the 4.6% recorded in May, while non-electronic NODX reversed the 0.2% increase posted in the previous month.

“The contraction in [June] non-electronic NODX was led by pharmaceuticals (-35.4%), structures of ships & boats (-97.5%) and specialised machinery (-24.2%),” the trade promotion agency of the Singapore government said in its monthly report.

On a year-on-year basis, Singapore’s shipments to nine out of its top 10 NODX markets decreased in June, it said.

Exports to China bucked the trend, posting a 7% year-on-year increase in June.
The top three contributors to Singapore’s NODX contraction last month were the EU-27, Indonesia and Japan, according to IE Singapore.

Petrochemical exports to Indonesia slipped by 17.4% in June, while pharmaceutical shipments to the EU were down by 55.6%, it said.

($1 = S$1.26)

By: Nurluqman Suratman

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