Import prices slip 0.3% in April

Export prices rose 3.0% MoM, supported by higher oil and non-oil prices.

Import Price Index fell 0.3% MoM in April 2026, reversing from a 17.1% increase in March, according to the Department of Statistics.

The decline was mainly due to lower oil prices. The Oil index dropped 2.6% in April, compared with a 78.9% surge in the previous month, mainly due to lower prices of petroleum and petroleum products.

The Non-oil Import Price Index rose 0.8% MoM, matching the increase recorded in March. The gain was driven by higher prices in machinery & transport equipment, chemicals & chemical products, manufactured goods, beverages & tobacco, animal & vegetable oils, and crude materials.

On a year-on-year basis, import prices rose 18.4% in April, extending the 17.1% increase in March. The Oil index jumped 72.6%, whilst the Non-oil index rose 3.6%.

Meanwhile, Singapore’s Export Price Index rose 3.0% MoM in April, following an 11.9% increase in March.

The Oil Export Price Index increased 7.5%, easing from a 60.1% rise in March, mainly due to higher prices of petroleum and petroleum products. The Non-oil Export Price Index rose 1.5%, continuing the 1.8% increase in the previous month.

The monthly increase in non-oil export prices was mainly driven by chemicals & chemical products, due to higher prices of plastics in primary forms. machinery & transport equipment, manufactured goods, crude materials, and beverages & tobacco also contributed to the increase.

Year-on-year, export prices rose 13.3% in April, after an 8.7% increase in March. The Oil index rose 67.2%, whilst the Non-oil index increased 1.9%.

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