The import of soybean oil to Singapore is projected to decline annually from 2024 to 2028. In 2023, the actual import value was $12 million. Year-on-year, the forecasted value changes are as follows:
- 2024: 10.996 million USD (Forecasted)
- 2025: 9.6831 million USD (-11.93%)
- 2026: 8.3969 million USD (-13.28%)
- 2027: 7.1364 million USD (-15.01%)
- 2028: 5.9011 million USD (-17.31%)
Over the last two years, the variations indicate a slight decrease, while the compounded annual growth rate (CAGR) for 2024 to 2028 shows an average annual decline of approximately -12%.
Future trends to watch for include global fluctuations in soybean oil prices, potential changes in Singapore's domestic production and consumption needs, and any shifts in trade policies that may impact import costs or availability.
