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Singapore petrochemical exports fall for 19th straight month in September
Singapore's petrochemical exports dropped 8.3% year on year in September to S$808.7 million, the 19th straight monthly decline; BMI now pushes recovery expectations to Q1 2027.
Why it matters
Singapore is a leading petrochemical manufacturing and trading hub in Southeast Asia, hosting over 100 international chemical companies on Jurong Island, including ExxonMobil and Aster Chemicals & Energy. Nineteen straight months of contraction in the segment stands in sharp contrast to the broader export boom driven by AI demand.
Full report
Enterprise Singapore figures show September petrochemical exports fell 8.3% year on year to S$808.7 million (about US$632 million), easing markedly from August's 21.9% contraction; the last annual gain was in February 2025. Over the same month, Singapore's non-oil domestic exports surged 68.4% on AI-related electronics demand, leaving petrochemicals among the few laggards. Third-quarter manufacturing data also showed chemicals as one of only two clusters to contract.
BMI, a Fitch Solutions unit, expects the slump to persist as the ongoing US-Iran conflict compounds feedstock uncertainty and thin margins. BMI now projects a preliminary resolution to the conflict in Q1 2027, pushed back from Q3 2026, delaying the sector's recovery; fresh disruptions to shipping via the Strait of Hormuz could tighten feedstock supplies further. Sources: Enterprise Singapore trade data; ICIS and IndexBox reporting; BMI analysis.
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