From 2013 to 2023, the import value of urea including aqueous solution to Singapore has shown significant fluctuations. It started at approximately $2.248 million in 2013, peaking at around $4.2069 million in 2018. In 2023, it stood at $4.132 million, reflecting an overall growth with notable year-on-year variations.
Key points to consider include:
- From 2013 to 2018, imports generally increased, with substantial year-on-year growth rates especially in 2014 (61.48%) and 2018 (23.77%).
- In 2019 and 2020, imports slightly decreased year-on-year by -4.64% and -16.36%, respectively.
- 2021 and 2022 saw continued growth at 21.39% and 0.73% year-on-year, respectively.
- The value shows stabilization with minor increases of 0.71% year-on-year in 2023.
- The five-year CAGR toward 2023 averaged at -0.36%, indicating a near-flat trend overall.
Future trends to monitor include the forecasted moderate growth in the imports of urea towards 2028, with a five-year CAGR projected at 0.57%. This suggests a steady yet slow increase in the import value, implying an expected demand stability in Singapore's market for urea products.
