Singapore petchem exports surge in Oct, trade recovery set to continue

SINGAPORE (ICIS)–Singapore’s petrochemical exports rose by 39.1% year on year to Singapore dollar (S$) 1.47bn in October as overall trade continues to recover on the back of improved global demand.

The country’s non-oil domestic exports (NODX) rose by 17.9% year on year in October to S$16.3bn, improving from the 12.0% expansion a month earlier, Enterprise Singapore data showed.

NODX rose in seven out of 10 key export destinations, with shipments to China up by 35.6% year on year to S$3.07bn, accounting for nearly 19% share of October’s NODX value, the top contributor.

“October’s NODX and overall trade numbers continued to affirm the recovery in global trade demand and underpin Singapore’s growth outlook for 2021,” Singapore-based UOB Global Economics & Markets Research said in a note.

Non-electronic NODX, which includes pharmaceuticals and petrochemicals, rose by 18.9% year on year to S$12.5bn in October, accelerating from the 11.4% expansion in September.

Petrochemical shipments to China rose by 21.6% year on year in October while those to Taiwan more than doubled.

Overall non-electronic NODX to all of Singapore’s top 10 trade partners registered growth in October except the US and Thailand.

Electronic exports continued to be the “star performer” for Singapore’s external trade, rising by 14.9% year on year in October, adding to the streak of eight straight months of double-digit growth, UOB said.

Strong global semiconductor demand again anchored the performance
of electronics, it said.

Focus article by Nurluqman Suratman