Dubai: With oil being a major Singaporean import from the UAE, the country has reported a 39 per cent year-on-year increase in its supplies from the UAE in the first quarter of 2010.
Singapore's UAE oil imports slumped 16 per cent during the same period a year ago, a study by the Dubai Chamber of Commerce and Industry showed.
Singapore is a major oil processing centre, importing crude oil and supplying many countries with refined oil products. The country also provides oil storage facilities for refined products. As global economic recovery leads to increasing demand for oil, prices have started to recover from the slump in early 2009, the study revealed.
Imports in 2008 registered 39 per cent growth to S$1.7 billion (Dh4.5 billion).
The slowdown in 2009 pulled the total for the same period to only S$1.4 billion, before showing signs of recovery in 2010. On the other hand, exports declined by 15 per cent in 2008 to S$2.3 billion, narrowing the trade balance from the year ago level of S$1.6 billion to just S$595 million.
The 22 per cent increase in exports to S$2.8 billion the following year widened the trade balance again to S$1.4 billion.
Although exports declined slightly by 4 per cent to S$2.7 billion in 2010, the trade balance remained highly favourable to Singapore at S$714 million. Compared to the previous year's figure, nonetheless, the 2010 trade balance represented a narrowing of 48 per cent.
The UAE supplies about 7 per cent of Singapore's imports of crude oil and refined products.
* 1.7b Singapore dollars worth of imports from UAE in 2008
* 1.4b Singapore dollars worth of crude imports in 2009