In 2023, the import value of toys, games, and sports requisites to Singapore stood at $824.59 million. From 2022 to 2023, the year-on-year variation was 1.81%, indicating a moderate growth rate. Over the last two years, the cumulative growth rate has been around 1.85%. Notably, the Compound Annual Growth Rate (CAGR) over the last five years (from 2018 to 2023) averaged to 1.73%, showcasing a steady, albeit modest upward trend.
Considering the forecasted data from 2024 to 2028, the imports are expected to grow to $901.3 million by 2028. The forecasted five-year CAGR is projected to be 1.4%, with an overall growth rate of 7.21% from 2024 to 2028.
Future trends to watch for include:
- Technological advancements in toys and games driving up import demands.
- Increased consumer spending on recreational products post-pandemic.
- Potential impacts of global trade policies and supply chain challenges.
- Rising popularity of e-commerce platforms influencing import dynamics.