September 19, 2023

IMPORT AND EXPORT PRICE INDICES, July 2023

The Import Price Index in Singapore rose 1.6% in July 2023, in contrast to the 0.1% decrease in June 2023. The Oil index gained 8.2%, as compared to the 0.9% decrease in the previous month. The Non-oil index fell 0.7% in July 2023, after the 0.2% increase in June 2023.Among the Non-oil sub-indices, the decreases were led by the Machinery & Transport Equipment (-0.8%) and Miscellaneous Manufactured Articles (-0.6%) indices. The decreases were partially offset by increases in the Animal & Vegetable Oils (0.8%) and Beverages & Tobacco (0.3%) indices.

The Export Price Index rose 0.8% in July 2023, in contrast to the 0.5% decrease in June 2023. The Oil index gained 5.9%, in contrast to the 1.9% decrease in the previous month. The Non-oil index fell 0.5% in July 2023, following the 0.2% decrease in June 2023. All the Non-oil sub-indices declined. The decreases were led by the Chemicals & Chemical Products (-1.0%) index, due mainly to lower prices of plastics, and the Machinery & Transport Equipment (-0.4%) and Miscellaneous Manufactured Articles (-0.4%) indices.

The Export Price Index fell 12.1% in July 2023 from a year ago, following the 15.0% decrease in June 2023. The Oil and Non-oil indices contracted by 27.7% and 6.5% respectively.

For the Non-oil sub-indices, lower prices of Animal & Vegetable Oils (-19.2%), Crude Materials (-12.6%), Chemicals & Chemical Products (-11.6%), Machinery & Transport Equipment (-5.9%), Miscellaneous Manufactured Articles (-5.1%), Food & Live Animals (-2.2%) and Manufactured Goods (-0.3%) were partially offset by higher prices of Beverages & Tobacco (6.3%).

Source: Statistics Singapore
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