Singapore's import prices dropped 5.1% YoY in August

While export prices fell 7.8%.

The prices of traded goods in Singapore had experienced contractions in August, with both import and export prices sliding at a greater pace compared to last year.

According to the latest figures by the Department of Statistics, export prices slid 7.8% YoY in the said month, exacerbating the 7.5% decline in July.

The oil and non-oil export prices saw higher declines at 16.2% and 6.3%, respectively.

Meanwhile, the import prices saw an improvement as it recorded a slump of 5.1% YoY, better than the 6.8% YoY decline recorded in July.

The oil and non-oil import prices slipped 9.6% and 4% respectively in August.

For non-oil prices in both import and export indices, the slowdown was mainly due to lower prices of Chemicals and Chemical Products.

Prices of imported chemical products reported a contraction of 8.2%, while prices of  exported chemical products reflected a 9.5% decline.