Domestic exports fall to their lowest since early NovemberRe-exports hold close to their highest since early July, lifting their share of total exportsWave of shipments from China extends into a third week.Singapore’s domestically-produced base oils exports extended their fall in the four weeks to 4 February, dipping to the lowest level in three months despite a recent rise in the island-state’s base oils production capacity.Total exports from domestic refiners slipped to around 120,000 tonnes, down from more 135,000 tonnes in the four weeks to end-January and the lowest since early November, Enterprise Singapore data showed..The drop in domestic exports increased Singapore’s reliance on re-exports of base oils sourced from overseas markets to cover a larger share of its total shipments..Key Highlights· Re-exports stayed in a narrow range, holding close to their highest level since early July.· Re-exports accounted for 22% of Singapore’s total exports, the highest share since last August.· Total exports fell to a one-month low, with shipments to China rising, flows to southeast Asia holding in a narrow range, and exports to India dipping after a one-month rebound.· Another cargo from China arrived, boosting four-week inflows from that market to the highest in more than four years..Singapore’s Imports Jump To Two-Month High In Month to 28 January .Market RepercussionsThe steady slide in Singapore’s domestic base oil exports since mid-December suggested the downward trend was more than a brief blip and began less than three months after the start-up of a new base oils unit in the city-state.The slowdown coincided with the shipment and recent arrival of a large cargo from the Netherlands.The timing suggested the cargo could have been intended more to bolster local supply rather than clear surplus volumes from Europe..Europe November Group II Supply Falls to 19-Month Low, Imports Dip
