Page 23 - Policy Economic Report - April 2026

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Geographical Trends

Export diversification remained evident across regions:

• Top export destinations (March 2026 growth):
o Singapore (158.55%)
o Malaysia (84.47%)
o China (28.1%)
o Tanzania (100.54%)
o Sri Lanka (88.31%)

• Top export destinations (FY growth):
o China (36.66%)
o Spain (46.33%)
o Hong Kong (33.22%)
o Vietnam (22.78%)
o Sri Lanka (21.14%)

• Top import sources (March growth):
o China (24.81%)
o Thailand (64.53%)
o Peru (267.67%)
o Oman (112.01%)
o USA (14.4%)

• Top import sources (FY growth):
o China (16.03%)
o USA (15.95%)
o Hong Kong (23.32%)
o Peru (78.08%)
o UK (36.09%)

Index of Eight Core Industries (ICI)

The Index of Eight Core Industries (ICI), which serves as a key indicator of industrial activity, recorded
a decline of 0.4 per cent (provisional) in March 2026 compared to March 2025. The contraction was
primarily driven by negative growth in key sectors such as fertilizers, crude oil, coal, and electricity,
indicating emerging supply-side pressures in core infrastructure segments.

The ICI tracks the performance of eight core industries—coal, crude oil, natural gas, refinery products,
fertilizers, steel, cement, and electricity which together account for 40.27 per cent of the weight in the
Index of Industrial Production (IIP). As such, trends in the ICI provide an important leading signal of
broader industrial momentum.

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