Singapore’s import and export price indices experienced notable increases in February 2026, according to the latest data from the Department of Statistics. The Import Price Index rose by 1.2% compared to January, driven largely by a 5.0% increase in oil prices. Non-oil imports also saw a modest rise of 0.2%, with machinery, transport equipment, and miscellaneous manufactured articles contributing to the uptick.
The Export Price Index similarly climbed by 1.1% in February, reversing a 0.4% decline in January. This increase was bolstered by a 3.1% rise in oil prices, alongside a 0.7% increase in non-oil exports. Key contributors to the non-oil export growth included machinery, transport equipment, and chemicals.
Year-on-year, however, both indices showed declines. The Import Price Index fell by 1.4%, with oil prices dropping 11.3% over the year. Conversely, the Non-oil Import Index rose by 1.6%, thanks to higher prices in miscellaneous manufactured articles and machinery. The Export Price Index saw a more significant annual decrease of 4.3%, with oil prices plummeting 14.1% and non-oil exports slipping by 2.0%.
These fluctuations highlight the ongoing volatility in global commodity markets, particularly in the oil sector, which continues to impact Singapore’s trade dynamics. The data underscores the importance of monitoring price trends as they influence the cost of goods and economic stability.
