Singapore, among the top drivers of export growth, is projected to grow at an average annual rate of over 7%, reaching USD687 billion from USD336 billion, by 2030. So says research by Standard Chartered entitled “Future of Trade 2030: Trends and markets to watch”, which predicts that global exports will double from USD17 trillion to USD29.7 trillion in the next ten years.
Over 40% of global businesses use Singapore source or manufacture in Singapore or have plans to do so in the next 5 to 10 years. For instance, mainland China and Malaysia are still Singapore’s top export destinations, with Indonesia an emerging export market.
The following sectors, which today account for over 70% of the country’s exports, will only get stronger: machinery and electrical; metals and minerals; and chemicals and pharmaceuticals.
Machinery and electricals
Metals and minerals
Chemicals and pharmaceuticals
Singapore’s Tuas Mega Port is regarded as the largest and only mega container terminal in the world. While the country is also gearing up its digital supply chain capabilities, the Logistic Industry Transformation Map has also paved the way to drive innovation and enhance productivity.
Five key trends will drive the next decade of growth as well as world trade: broader adoption of sustainable and fair trade practices; more inclusive participation; higher risk diversification; more digitisation; and re-balancing towards high-growth emerging markets.
The research also saw a strong trend in adopting sustainable trade practices due to climate concerns and more conscious consumerism. Nearly 90% of corporate leaders have recognised that their supply chains need to be injected with these practices. However, only 34% have considered it a top-three priority for their 5 to 10-year plans.
Standard Chartered is committed to sustainable global trade and the shift to Net Zero. With this, they have introduced a Sustainable Trade Finance proposition to help companies strengthen their supply chains. They are also offering a range of sustainable finance solutions to push capital in order to help companies hit their Net Zero goals.
