Singapore’s import and export price indices both experienced a decline in May 2026, according to the Department of Statistics, Ministry of Trade & Industry. The Import Price Index fell by 1.6% compared to April 2026, primarily driven by a 6.7% drop in oil prices. Meanwhile, the Export Price Index decreased by 0.8%, with oil prices falling by 5.8%.
Excluding oil, the indices showed a different trend. The Non-oil Import Price Index rose by 0.7%, whilst the Non-oil Export Price Index increased by 1.0%. These gains were attributed to higher prices in categories such as Machinery & Transport Equipment, Chemicals & Chemical Products, and Manufactured Goods.
Year-on-year, the Import Price Index rose by 19.1%, with the Oil Index surging by 76.9%. The Non-oil Index also saw a 4.6% increase. Similarly, the Export Price Index increased by 14.7% from May 2025, with the Oil Index up by 62.2% and the Non-oil Index by 4.7%.
The fluctuations in oil prices have been a significant factor in these changes. The Department of Statistics noted that the indices are essential indicators for tracking price trends of imported and exported goods in Singapore. As global oil prices continue to fluctuate, these indices will remain crucial for understanding Singapore’s trade dynamics.
