Import and export prices fall in June

Lower oil prices outweighed continued increases in non-oil components.

Import and export prices declined month-on-month in June, mainly due to lower petroleum prices, according to the Department of Statistics.

The Import Price Index fell 2.8% in June, following a 2.2% decrease in May.

The oil index dropped 10.7%, extending the previous month’s 7.1% decline, largely due to lower prices of petroleum and petroleum products.

Non-oil import prices rose 0.6%, continuing the 0.1% increase recorded in May.

Machinery and transport equipment was the largest contributor to the non-oil increase, rising 0.8% due to higher prices of engines and motors.

On a year-on-year basis, import prices increased 13.6%, slowing from the 18.5% growth recorded in May.

Oil import prices rose 48%, moderating from 76.1%, whilst non-oil prices increased 4.5%.

Meanwhile, the Export Price Index declined 1.7% MoM in June, following a 0.8% decrease in May.

The oil index fell 10.9%, whilst the non-oil index rose 1.3%.

The increase in non-oil export prices was mainly driven by machinery and transport equipment, which gained 2.3% due to higher prices of electrical machinery apparatus.

Export prices remained 12.7% higher than a year earlier, although growth eased from 14.6% in May.

Oil export prices rose 39.7%, down from 62.2% in May. Non-oil export-price growth accelerated to 6.8% from 4.6%.

Machinery and transport equipment led the annual non-oil increase, rising 7.8% on higher electrical machinery apparatus prices.

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia