The import of cargo vessels other than tankers or refrigerated to Singapore has shown significant variability from 2013 to 2023. In 2023, the value stood at 79.23 units. Historically, the market saw sharp declines in the early 2010s, followed by a surge in 2016 and 2017, highlighting a fluctuating pattern. From 2018 onwards, imports have experienced more consistent growth. Notably, 2020 recorded a significant drop, while 2021 bounced back with an impressive increase. The year-on-year variation for 2023 was 1.98%, revealing moderating growth. The five-year CAGR ending in 2023 was 2.16%, indicating a gradual upward trend.
Future trends to watch for include the anticipated steady growth with a 5-year forecasted CAGR of 1.52%, and overall growth rate of 7.84% by 2028. Market stability and incremental growth are expected, driven by demand changes and shipping industry dynamics.
