Export prices dip 0.8% in May as oil retreat offsets non-oil gains

Annual prices still up 14.7% with oil index surging 62.2% YoY.

Singapore's Export Price Index slipped 0.8% in May from the previous month, reversing April's 3.0% increase, after lower oil prices outweighed continued gains across non-oil exports, according to the Department of Statistics (SingStat).

The oil export price index fell 5.8% during the month after rising 7.4% in April, reflecting lower prices for petroleum and petroleum products.

Non-oil export prices continued to trend higher with the non-oil index rising 1.0% in May, following a 1.5% increase in the previous month.

Crude materials excluding fuels recorded the strongest monthly increase amongst non-oil categories at 5.7%, followed by beverages and tobacco at 1.9%.

Machinery and transport equipment rose 1.3%, whilst chemicals and chemical products and manufactured goods each posted 1.0% gains.

On the downside, animal and vegetable oils fell 5.8%, food and live animals declined 1.1%, and miscellaneous manufactured articles eased 0.4%.

On an annual basis, export prices increased 14.7% in May, compared with a 13.3% rise in April.

The oil index climbed 62.2% year on year, whilst the non-oil index advanced 4.7%.

Crude materials excluding fuels led annual gains amongst non-oil categories with a 10.5% increase.

Chemicals and chemical products rose 7.9%, followed by manufactured goods at 5.0%, machinery and transport equipment at 4.7%, and miscellaneous manufactured articles at 4.2%.

Food and live animals posted the largest annual decline at 6.2%, whilst animal and vegetable oils and beverages and tobacco fell 7.0% and 3.1%, respectively.

The figures are from the Department of Statistics Singapore's latest Import and Export Price Indices release.