Singapore August petrochemical exports rise 31% on yr; NODX up 2.7%

SINGAPORE (ICIS)–Singapore’s petrochemical exports in August rose by 30.9% year on year Singapore dollar (S$) 1.36bn ($1bn), supporting the overall rise in non-oil domestic exports (NODX), official data showed on Friday.

The growth in petrochemical exports in August was a marked slowdown from the 49.3% expansion in the previous month, Enterprise Singapore data showed.

Exports of petrochemicals to Malaysia surged by 60.8% year on year in August.

Singapore’s overall NODX for the month rose by 2.7% year on year to S$15.8bn, a slowdown from the 12.7% growth registered in July.

“On a month-on-month seasonally adjusted (m-o-m SA) basis, NODX declined by 3.6% in August 2021, following the previous month’s 0.9% decrease,” it said.

August non-electronic NODX, which includes pharmaceuticals and petrochemicals, fell by 1.4% year on year to S$11.7bn.

Pharmaceuticals exports fell by 12.4% year on year to $1.1bn, reversing the 48.2% expansion in July.

Non-electronic NODX to seven out of 10 of Singapore’s top markets rose in August.

Source: Enterprise Singapore

($1 = S$1.35)

Thumbnail photo: A tug boat pushes containers into Singapore’s port on 6 September 2021. (By Joseph Nair/NurPhoto/Shutterstock)