SINGAPORE: The prices of both imports and exports in Singapore fell in December 2024 compared to the same period a year ago, according to data released by the Department of Statistics Singapore (SingStat).
The Import Price Index (IPI) registered a year-on-year (YoY) decline of 3.6%, marking a sharper drop than the 0.6% YoY decrease recorded in November. This decline was driven by price reductions in oil and non-oil imports, which fell by 5.7% YoY and 2.9% YoY, respectively.
Among the categories affected, electrical machinery apparatus saw a price decline in December, as reported by SingStat. Additionally, price decreases were observed in manufactured goods, chemicals and chemical products, animal and vegetable oils, beverages and tobacco, and crude materials.
The Export Price Index (EPI) also fell in December, recording a 3.1% YoY decline. While still a contraction, the pace of decrease was slower compared to the 5.2% YoY drop in November. The oil export index recorded a 7.7% YoY decline, while the non-oil export index fell by 2% YoY.
The Import Price Index (IPI) serves as a key indicator of price trends for imported goods into Singapore, with prices measured at CIF terms (cost, insurance, and freight). The data is collected monthly from major importers.
Similarly, the Export Price Index (EPI) tracks changes in the prices of all exported goods, including re-exports. The data is sourced from major exporters of selected commodities.
The latest figures reflect ongoing price fluctuations in global trade, impacting both importers and exporters in Singapore.