Key Market Indicators
Singapore's export of aromatics is projected to decline significantly over the next five years, falling from approximately $673,000 in 2023 to around $417,000 by 2028. This represents an average annual decrease of 7.5%. Historically, the country's supply of aromatics has been on a downward trend, decreasing by 4.6% annually since 1994. In the global ranking for 2023, Singapore was positioned at 14th place, with the Czech Republic surpassing it at the same value of $673,000. Leading the rankings were China, India, and Japan, occupying the second, third, and fourth spots, respectively. On the import front, Singapore's demand for aromatics is expected to see a moderate increase. Imports are forecasted to grow from about $8.9 million in 2023 to nearly $9.7 million by 2028, reflecting an average annual growth rate of 1.4%. Since 1994, the country's demand for aromatics has shown a steady annual increase of 3.2%.
