Singapore July petrochemical exports fall 22.5%; NODX grows 24.2%

Singapore's petrochemical exports experienced a significant decline of 22.5% year on year in July, amounting to S$809.6 million ($633.6 million), according to official data released on Monday. Conversely, the country's non-oil domestic exports (NODX) witnessed a robust growth of 24.2% year on year, propelled by the electronics sector and driven by increasing demand for artificial intelligence-related products.

This surge in NODX exports marked a continuation of the 20.8% growth recorded in June, as reported by Enterprise Singapore.

However, non-electronic exports declined by 2.3% year on year in July, primarily due to a slump in the pharmaceuticals, petrochemicals, and food preparations sectors. Singapore, renowned as a leading petrochemical manufacturer and exporter in Southeast Asia, hosts over 100 international chemical companies on Jurong Island, including ExxonMobil and Aster Chemicals & Energy.

Several producers across Singapore and other Asian economies have reduced production and declared force majeure situations in response to the disruption of oil and chemical supplies from the Strait of Hormuz following the outbreak of the Middle East war on February 28. Despite these challenges, Singapore's non-oil domestic exports to nine of its top ten markets rose in July, led by the US, China, and Taiwan, while exports to the EU 27 experienced a decline.