Import, export price indices fell in December 2024

The prices of electrical machinery apparatus were lower in December.

The prices of imports and exports fell in December 2024 compared to a year ago, according to data from the Department of Statistics Singapore (SingStat).

The Import Price Index logged a 3.6% year-on-year (YoY) decline, deepening from the 0.6% YoY dip in November. This comes on the back of both oil and non-oil indices dropping by 5.7% YoY and 2.9% YoY, respectively.

The prices of electrical machinery apparatus were lower in December, according to SingStat.

Price decreases were also recorded in the manufacturing goods, chemics & chemical products, animal & vegetable oils, beverages & tobacco, and crude materials sub-indices.

The Export Price Index also fell by 3.1% YoY in December 2024, slower than the 5.2% YoY decrease in November. The oil and non-oil indices fell by 7.7% YoY and 2% YoY, respectively.

The Import Price Index (IPI) is used primarily as an indicator to track the price trends of imported goods into Singapore. Prices of imports, valued at CIF terms (cost, insurance and freight) are obtained monthly from major importers.

The Export Price Index (EPI) measures changes in the price of all exports of merchandise from Singapore, including re-exports. In general, prices are obtained from major exporters of the selected commodities.