The rise in the oil trade value came in a year when global oil prices rallied after Russia's invasion of Ukraine reshaped energy markets and oil majors reaped bumper profits.
Singapore's domestic exports of oil last year firmed by 52.4% in nominal terms, extending gains from a 38% growth in 2021, data from Enterprise Singapore showed.
The growth in oil domestic exports was led by an uptick in the value of oil shipments to popular blending hub Malaysia, which surged by 66.1% year-on-year. Other top destinations for domestic exports from Singapore were Indonesia and Australia, which saw the value of exports rising by 66.5% and 53% respectively, the data showed. In volume terms, exports last year rose by 1.7% from 2021, when volumes fell by 10.1% from a year earlier. Oil re-exports from Singapore also rose from the previous year in nominal terms, climbing by 28.1% year-on-year in 2022 and extending from 19.1% growth in 2021. The gain was led by a rise in the value of re-exports to countries within Asia, including Bangladesh at 358.8%, Myanmar at 184.4% and Taiwan at 252.9%. However, on a volume basis, oil re-exports fell last year by 5.4% from 2021, when they contracted by 26.2% from a year earlier. Singapore's total 2022 merchandise trade was supported by the growth in oil trade, though lower expected oil prices could weigh on oil trade in 2023 and in turn weigh on total merchandise trade this year, Enterprise Singapore said.
Global oil prices have eased from multi-year highs reached
in 2022, as recessionary fears and volatile demand recovery
weighed on sentiment in 2023.
(Reporting by Jeslyn Lerh; Editing by Christian Schmollinger)
