Export prices sink 6.2% as oil plunges 18.2% in January

Despite a 17% fall in imported oil, Singapore export prices dropped 0.6% month-on-month.

The Import Price Index fell year-on-year (YoY) 3.7%, led by a 17.0% drop in oil prices in January 2026 even whilst reversing December’s 1.3% drop by rising a modest 0.3% month-on-month (MoM), according to the Singapore Department of Statistics’ (SingStat) Import and Export Price Indices report for January 2026.

The Oil index’s 17.0% dip was mainly due to lower prices of petroleum and products, while the Non-oil index increased 0.3% due to the machinery & transport equipment, miscellaneous manufactured articles, manufactured goods, and crude materials indices.

These increases were partially offset by falls in chemicals, beverages & tobacco, food, and oils.

According to the same report, the Export Price Index fell 6.2% compared to January 2025 with both oil and non-oil down at 18.2% and 3.3%, respectively. It also continued December’s 1.0% decline by falling a further 0.6%.

Export prices dropped YoY 6.2%, with oil down 18.2% and non-oil down 3.3%, partially offset by rises in miscellaneous manufactured articles and crude materials.

On a monthly basis, 2.1%, whilst non-oil prices decreased 0.3%, driven by lower machinery, chemicals, food, beverages, and oils.

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Department of Statistics

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