Singapore January petrochemical exports grow 11.3%; NODX up 13%

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SINGAPORE (ICIS)–Singapore’s petrochemical exports in January rose by 11.3% year on year to Singapore dollar (S$) 1.53bn ($1.16bn), boosting the growth in overall non-oil domestic exports (NODX), official data showed on Thursday.

The country’s NODX for the month increased by 13% year on year to S$15.4bn, accelerating from the 3.0% expansion seen in December 2017, according to International Enterprise (IE) Singapore.

Based on volume, exports of benzene in January fell by 16.2% year on year to 15,362 tonnes, while shipments of toluene were down by 40% to 28,038 tonnes.

Overseas shipments of paraxylene rose by 24.2% year on year to 154,436 tonnes in January, while exports of ethylene glycol surged by 62.4% to 98,520 tonnes.

The largest contributors to the NODX increase in January were the US, the EU and Japan, the trade promotion agency said.

Non-electronic NODX, which includes petrochemicals and pharmaceuticals, rose by 20.7% year on year to S$11.3bn in January, it said.

Singapore’s trade risks in the horizon “include potential trade protectionist measures from the US and upside inflationary surprises that could cause the Federal Reserve to be more hawkish that could result in tighter global financial conditions,” said Singapore-based UOB Global Economics & Markets Research.

($1 = S$1.32)

Picture: Elevated view of container terminal in Singapore. (Cultura/REX/Shutterstock)

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