Singapore's fuel imports have experienced notable fluctuations over the past decade. Import levels decreased significantly from 2013 to 2016, with a slight recovery observed in 2017. However, the trend remained volatile, culminating in a sharp decline in 2020. From 2021 onwards, there has been a gradual increase, stabilizing around 22 units in 2023. Year-on-year variation indicates a growth of 0.03% from 2022 to 2023. The CAGR over the last five years stands at -1.37%, reflecting the overall decline in imports during this period.
The projected data from 2024 to 2028 suggests a stable trend, with minimal growth. Future forecasts indicate a 5-year CAGR of 0.02%, with a total growth rate of 0.1%. It remains crucial to monitor global fuel prices, Singapore’s energy policies, and advancements in renewable energy, as these factors could significantly influence future fuel import dynamics.
