Singapore January petrochemical exports grow 37.1% on year

Nurluqman Suratman

17-Feb-2017



(adds details on petrochemical export volumes, table)

SINGAPORE (ICIS)–Singapore’s petrochemical exports in January rose by 37.1% year on year to Singapore dollar (S$) 1.37bn ($965m), in line with the increase in overall non-oil domestic exports (NODX), official data showed on Friday.

In volume terms, shipments of naphtha fell by 48.8% year on year to 57,328 tonnes in January, while exports of ethylene glycol (EG) surged to 60,681 tonnes from 10,735 tonnes in the same period last year, according to data from International Enterprise (IE) Singapore. (Please see table below)

Exports of paraxylene (PX) more than doubled to 124,385 tonnes in January from 56,444 tonnes while shipments of benzene dropped by 62.5% year on year to 18,333 tonnes, the data showed.

Singapore’s overall January NODX grew by 8.6% year on year to S$13.6bn, slower than the 9.1% expansion recorded in December 2016, according to IE Singapore.

Exports to China grew at a faster pace of 36.9% in January, from the previous month’s 23.7%, led partly by the 59.8% surge in petrochemical shipments to the northeast Asian country, it said.

Singapore’s overall shipments to South Korea jumped by 51.5% year on year, with exports of petrochemicals up by 42.9%, according to IE Singapore.

Non-electronic NODX, which includes petrochemicals and pharmaceuticals, rose by 9.9% year on year to S$9.34bn, the trade promotion agency said.

For the whole of 2016, Singapore’s exports of petrochemicals fell by 10.7%, compared with the 14.9% growth recorded in 2015, IE Singapore said in a separate statement.

Shipments of primary chemicals to China fell by 32.9% in 2016, while exports of petrochemicals to Indonesia fell by 17.2%, it said.

To Malaysia, petrochemical exports last year were down 22.2%, according to IE Singapore.

Singapore’s overall NODX last year posted a 2.8% contraction, reversing the 1.5% expansion posted in 2015, it said.

IE Singapore said the global economic outlook has improved and activities are expected to pick up in 2017, especially in developing economies.

“However, there are considerable uncertainties and risks surrounding the stance of the new US administration and geopolitical events which may weigh on global trade,” it said.

“Taking all these into consideration, the 2017 growth projection for NODX is revised upwards to 0.0% to 2.0%,” the government agency said.

Singapore’s economy is expected to post growth of 1-3% this year, after expanding by 2.0% in 2016, the country’s Ministry of Trade and Industry (MTI) said on Friday.

Product Jan 2017 (tonnes) Jan 2016 (tonnes) % Change month on month
Benzene 18,333.04 48,857.82 -62.48
Toluene 46,753.98 26,749.63 74.78
Orthoxylene 16,071.20 3,960.01 305.84
Paraxylene 124,384.61 56,444.05 120.37
Methanol 2,051.72 3,625.14 -43.40
Ethylene Glycol 60,680.69 10,734.56 465.28
Phenol 8,088.64 6,628.97 22.02
Acetone 8,659.95 12,446.90 -30.42
Ethyl Acetate 5,132.99 10,657.77 -51.84
Vinyl Acetate 5,133.22 29,462.25 -82.58
Polycarbonates 12,612.14 17,165.25 -26.53
Naphtha 57,327.60 111,962.18 -48.80
Source: IE Singapore
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