Exports climb to highest since March
Exports to US exceed combined volume to that market over previous three years
Imports from US/Europe fall to five-month low, pointing to shift in trade flows
Singapore’s base oils exports climbed to their highest level since March in the four weeks to 3 December, driven by a surge in shipments to the US.
The island-state’s imports by contrast stayed subdued amid a sustained slowdown in shipments from the US and Europe.
The disparity pointed to a notable shift in trade flows compared with the past year.
Any extension of this reversal in flows could have major implications for the US and Europe over the coming year.
Total exports exceeded 185,000 tonnes, rebounding from less than 125,000 tonnes a month earlier, Enterprise Singapore data showed.
Exports to the US topped 18,000t tonnes in just two weeks, surpassing the combined total volume to the country over the previous three years.
The surge in shipments points to the growing impact of Singapore’s new Group II base oils unit, which began operations in September.
The rise in shipments contrasted with a dip in inbound shipments from the US and Europe to less than 8,000 tonnes combined.
The volume was the lowest since early July and followed an extended period of elevated shipments from those two markets.
An extension of that reversal in flows could have major repercussions for Europe and the US as more southeast Asian supplies enter those markets while exports to the region decline.
