Domestic exports fall to lowest level in more than two monthsRe-exports rebound, lifting their share of total exports to highest since AugustImports from China jump to highest level since late-2023.Singapore’s base oils exports from domestic production fell in the four weeks to 21 January, hitting the lowest in more than two months and leaving total shipments increasingly reliant on supplies sourced from overseas.Domestic base oils exports of 126,000 tonnes fell from more than 140,000 tonnes the previous week to the lowest since early November, Enterprise Singapore data showed..A rebound in re-exported shipments cushioned the slowdown, keeping Singapore’s total exports of around 161,000 tonnes down only slightly from the previous week.The shift reversed a trend since the third quarter of 2025, when re-exports accounted for a dwindling share of Singapore’s total base oils shipments..Key Highlights· Re-exports surged to almost 22% of total exports, the highest share since August and up from a one-year low of less than 10% earlier this month..Singapore’s Base Oils Exports Diverge In Month to 7 January .· Exports to India extended their rebound into a second week, lifting total shipments to the highest in more than a month.· Exports to Southeast Asia held in a narrow range, edging down slightly from a three-month high the previous week.· Imports from China rose to the highest since late-2023, following record-high Chinese exports last year..China December Base Oil Imports Fall To 17-Month Low, Exports Rise.Market RepercussionsThe rising share of exports supplied from domestic production in recent months followed the start-up of a new base oils unit in September, boosting the island-state’s self-sufficiency..ExxonMobil ships Group II base stocks from new Singapore units.The recent reversal of that dynamic coincided with the shipment of a large cargo from Europe to Singapore in December, with the shipment expected to arrive by end-January.Lower exports from domestic production and a revival of shipments from Europe to Singapore pointed to either lower operating rates or a round of stock-building.
