SINGAPORE: The latest trade statistics released by Singapore’s government authorities indicate marginal decline in country’s scrap exports during the year 2015.
According to government data, Singapore’s scrap steel exports totaled 844,000 tons during the year. The scrap exports by the country declined by 7.3% when compared with the previous year. Singapore had exported 910,000 tons of steel scrap during 2014.
The largest export destination of scrap from Singapore during 2015 was India. The scrap exports to India totaled 319,000 tons during the entire year, accounting for nearly 38% of the total scrap exports by Singapore during the year. The country’s scrap exports to India surged higher significantly by 49.1% over the previous year. The exports had totaled 214,000 tons in 2014.
The second largest importer of scrap steel from Singapore was Indonesia. The country exported 166,000 tons of scrap to Indonesia. The imports by Indonesia accounted for nearly one-fifth of the total exports by Singapore during the year. The scrap exports to Indonesia dropped heavily by over 55% over the previous year. The Indonesian scrap imports from Singapore had totaled 370,000 tons during 2014.
In third place was Malaysia with 126,000 tons, accounting for nearly 15% of the total exports by Singapore. The exports to Malaysia dropped nearly 6% year-on-year. The country’s scrap steel exports to Malaysia in 2014 had totaled 134,000 tons.
