Singapore's petrochemical exports plunged 22.5% year-on-year in July.

Latest data from Enterprise Singapore shows that, influenced by multiple factors, Singapore's petrochemical exports fell sharply in July, while overall non-oil domestic exports achieved significant growth driven by demand for electronic products, highlighting a significant pattern of industry divergence.

Data shows that Singapore's petrochemical export value fell to S$809.6 million (equivalent to US$633.6 million) in July, a sharp year-on-year decline of 22.5%. Overall, the country's non-oil domestic exports (NODX) performed impressively in July, increasing by 24.2% year-on-year, extending the 20.8% growth trend from June. The growth momentum was primarily driven by robust demand for electronic products fueled by the artificial intelligence boom.

Looking at specific categories, the export market showed clear divergence. Non-electronic exports from Singapore fell by 2.3% year-on-year in July. Exports of pharmaceuticals, petrochemicals, and food processing all declined, becoming the main factors dragging down non-electronic exports.

As a core petrochemical production and export hub in Southeast Asia, Singapore's Jurong Island hosts over a hundred international chemical enterprises, including ExxonMobil and Astra Chemical Energy, holding a pivotal position in the regional petrochemical industry. Since the outbreak of the Middle East conflict on February 28, the supply chain for oil, gas, and chemicals through the Strait of Hormuz has been continuously obstructed. Chemical producers in Singapore and multiple Asian economies have successively cut production and declared force majeure, dealing a significant blow to regional petrochemical export trade.

In terms of export market distribution, among Singapore's top ten markets for non-oil domestic exports in July, nine saw growth in export scale. The United States, China, and Taiwan were the main driving forces, with only exports to the EU27 showing a decline.