SINGAPORE (ICIS)--Singapore’s exports of petrochemicals surged by 43.1% year on year to Singapore dollar (S$) 1.61bn in March this year, the third straight month of strong growth, as overall non-oil domestic exports (NODX) fell, government data showed on Thursday.
Overall exports from the chemicals cluster, which includes pharmaceuticals and petrochemicals, fell by 12.1% year on year in March to S$1.25bn, weighed by the 44.6% slump in pharmaceuticals shipments overseas, according to International Enterprise (IE) Singapore.
Singapore’s petrochemical exports grew by 49.2% and 26.1% year on year, in February and January, respectively, it said in its monthly report.
The country’s NODX slipped by 6.6% year on year to S$13.9bn in March, compared to the 8.9% increase in February, due to a decrease in both electronic and non-electronic domestic exports, according to IE Singapore.
The city-state’s non-electronic NODX, which includes the chemicals cluster, was partly weighed by the 43.9% year-on-year drop in aromatic chemicals, it said without elaborating further.
Non-electronic NODX fell by 2.4% year on year in March, while electronic NODX was down by 16.1%.
On a year-on-year basis, NODX to all of the top 10 markets, except China and Malaysia, fell in March this year.
“The top three contributors to the NODX contraction in March 2014 were the EU 28, Hong Kong and South Korea,” it added.