The import of coconut, palm kernel, and babassu oil to Singapore has shown significant variation over the years. Starting from a low point in 2013, there was a substantial increase of 54.03% in 2014, followed by a decrease in 2015. From 2016 onwards, a generally positive trend emerged with consistent year-on-year growth. By 2023, the import value stood at 64.793 million USD, reflecting an average annual growth rate (CAGR) of 2.12% over the last five years. The value is forecasted to continue growing, reaching 72.099 million USD by 2028 with an average annual growth rate (CAGR) of 1.69%.
Future trends to watch for:
- Impact of global supply chain dynamics on oil import volumes and values
- Fluctuations in the price of coconut, palm kernel, and babassu oils due to environmental and market factors
- Potential shifts in consumer demand for these oils influenced by health trends and sustainability concerns
- Policy changes in both exporting and importing countries that could affect trade flows
- Technological advancements in oil extraction and production that could impact both supply and pricing