Singapore’s April petrochemical exports rise 26.5%; NODX down 9.3%

SINGAPORE (ICIS)–Singapore’s petrochemical shipments rose by 26.5% year on year in April to Singapore dollar (S$) 1.34 billion, reversing the 3.6% decline in the previous month, official data showed on Friday.

Overall exports of chemicals and chemical products in April fell by 34.5% year on year to S$3.59 billion, extending the 37% contraction in March, Enterprise Singapore said in a statement.

The country’s overall non-oil domestic exports (NODX) fell by 9.3% year on year to S$13.9 billion, extending the 20.8% decline in the preceding month.

Non-electronic NODX – which includes chemicals and pharmaceuticals – fell by 12.3% year on year to $10.9 billion in April following the 23.2% contraction in March.

NODX shipments to the US and EU fell sharply in April, while exports to China rose last month.

Singapore is a major manufacturer and exporter of petrochemicals in southeast Asia. Its petrochemicals hub Jurong Island houses more than 100 global chemical firms, including energy majors ExxonMobil and Shell.

The drop in the country’s NODX in April mirrors weaker manufacturing activity seen during the month.

The country’s purchasing managers’ index (PMI) slipped to 50.5 in April from 50.7 in March, marking the eighth consecutive month that the reading has remained above the 50 mark, according to data from the Singapore Institute of Purchasing and Materials Management (SIPMM).

A PMI reading above 50 indicates expansion in the manufacturing economy, while a lower number denotes contraction.

In a separate survey of private manufacturers, Singapore’s April PMI eased to 52.6 from 55.7 in March, financial information and services provider S&P Global said on 6 May.

For the whole of 2024, Singapore’s economy is expected to expand by 1.0-3.0%, compared with actual GDP growth of 1.1% growth in 2023, the ministry said.

Focus article by Nurluqman Suratman