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Singapore Export Prices Rise at Fastest in Four Years in May

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Singapore Export Prices Rise at Fastest in Four Years in May

Singapore's export prices grew for a third consecutive month on a year-over-year basis in May, driven by an extended surge in global crude and energy materials, according to data from the Singapore Department of Statistics released Monday.

Export prices increased 14.7% year over year in May, accelerating from a 13.3% growth in April but missing the 15% expansion forecast by Trading Economics.

However, the pace of growth marked the fastest since July 2022.

Crude materials, excluding fuels, expanded 10.5% year over year during the month, led by a 27.8% jump in metalliferous ores and metal scrap.

Mineral fuels soared 62.2% during the month.

Chemicals and chemical products increased 7.9% year over year, led by a 20.7% rise in inorganic chemicals and an 18.1% jump in organic chemicals.

Prices of plastics in primary forms grew 19.9%.

Prices of manufactured items rose 5%, led by a 24.3% jump in non-ferrous metals.

Leather manufactures and dressed furskin prices slid 18% during the period.

Food and live animal prices slid 6.2%, with the biggest plunge seen in prices of coffee, tea, cocoa, spices, and manufactures at 26.1%.

Animal and vegetable oil prices plunged 7%.

Meanwhile, import prices jumped 19.1% year over year, quickening from the 18.9% increase in April. It missed the Trading Economics forecast of a 24% growth, but marked the strongest growth since June 2022.

Crude material import prices rose 15.3% while that of mineral fuels surged 76.9%.

Animal and vegetable oil import prices increased 3.1% while that of chemicals and chemical products saw a 3% rise.

Prices of manufactured goods grew 7.4%, with the highest increase recorded in the non-ferrous metals segment at 35.5%.

Machinery and transport equipment import prices grew 4.5%, while those of miscellaneous manufactured items expanded 7.4%.

The sharp year-over-year jump in export and import prices come amid a record-breaking surge in trade volumes recently. Singapore recently reported a 38.4% year-over-year jump in non-oil domestic exports, accelerating from the 24.4% jump in April and exceeding market expectations. It marked the ninth straight month of growth and the fastest since December 2003.

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