Key Market Indicators
Singapore's nickel exports are projected to decline to approximately $426 million by 2028, down from around $448 million in 2023. This represents an average annual decrease of 0.8%. Since 1994, the country's nickel supply has consistently fallen by an average of 1.1% each year. In 2023, Singapore ranked 17th in global nickel exports, with Madagascar surpassing it with an export value of $448 million. Leading the rankings were Canada, Russia, and Malaysia, occupying the second, third, and fourth positions, respectively. On the import front, Singapore's nickel imports are expected to plummet to about $34 million by 2028, a significant drop from approximately $193 million in 2023. This indicates an average annual decrease of 26.6%. Since 1994, Singapore's demand for nickel has decreased by an average of 8.3% annually.
