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Total exports extend gradual fall, contrasting with steadier shipments from domestic producers.
Imports extend slide to lowest since early 2024.
Lower imports point to waning requirements for top-up supplies
Singapore’s base oils exports edged lower in the four weeks to 16 December, extending a gradual slowdown as sharply-weaker imports cut volumes available for re-export.
Total exports slipped below 175,000 tonnes for the first time in a month, down from more than 185,000 tonnes in early December, government data showed.
The pullback contrasted with steady shipments from domestic sources that held close to their highest levels in almost nine months, suggesting the slowdown was driven more by trade flows than domestic output.
The dip in total shipments primarily reflected a sharp drop in Singapore’s base oils imports to the lowest level since the beginning of 2024, cutting volumes available for onward shipment to overseas markets.
The divergence between stable domestic exports and sliding imports highlighted ongoing adjustments in Singapore’s trade dynamics since the start-up of a new Group II base oils unit in the city-state at the end of the third quarter.
Besides a recent pick-up in exports to irregular outlets like the US, Singapore’s waning requirements for top-up supplies from sources such as the US and Europe left those volumes in their domestic markets or redirected to other outlets.
