The import value of refrigerators and freezers to Singapore has shown fluctuations over the years. In 2023, the import value stood at 530.44 million USD. Recent years have reflected changes such as a 1.47% year-on-year increase from 2022 to 2023, preceded by a slight decline of 0.47% from 2021 to 2022. Over the past five years, the compounded annual growth rate (CAGR) has been around 1.36%. Looking ahead, from 2024 onwards, the forecasted five-year CAGR is 1.14%, implying a moderate growth in import values, reaching 571.13 million USD by 2028, signifying an overall growth rate of 5.84%.
Future trends to watch for include potential impacts of technological advancements, energy efficiency regulations, and changing consumer preferences toward smart appliances. Global supply chain disruptions and economic factors may also influence import volumes and values.
