Import costs sink 1.3% as oil prices reverse November gains

Yearly import price indices dropped 4.2% compared to 2024 levels.

Singapore’s import prices declined further in December as both oil and non-oil components recorded month-on-month and year-on-year falls, according to the Department of Statistics.

The overall import price index fell 1.3% from November and declined 3.3% from a year earlier, reversing the previous month’s increase.

Oil-related import prices drove the monthly decline, with the oil index falling 5.1% in December after rising in November, reflecting lower prices of petroleum products, the department said.

Non-oil import prices also eased 0.3% MoM, led by declines in machinery and transport equipment, chemicals, and food and live animals.

Export prices followed a similar trend, with the overall export price index declining 1.1% MoM in December and falling 4.9% YoY, according to the data.

The oil export index dropped 5.6% from November, whilst non-oil export prices edged down 0.1%, reversing the previous month’s increase.

On an annual basis, both import and export prices recorded steeper declines in 2025 compared with 2024, reflecting sustained price weakness across oil and selected manufactured goods, the department said.

Import prices fell 4.2% in 2025, whilst export prices declined 5.2% over the year.