Singapore’s Economic Development Board (EDB) said the country’s overall chemicals production decreased by 2.4% year-on-year in July. The decline was mostly contributed to the specialties and petroleum segments which fell by 16.0% year-on-year each. The petrochemicals segment recorded 11.5% year-on-year growth but could not offset the 15.2% year-on-year drop in other chemicals segments.
The decline in July, however, is slower than the 11.7% drop in the previous month. For the January-July period, overall chemical output was 5.0% lower than the same period last year. The country’s petrochemical exports dropped by 26.8% year-on-year last month, marking the 23rd straight month of contraction.
