The pharmaceutical industry trade balance in Singapore stood at 6.25 billion US dollars in 2023, showing a year-on-year increase of 2.48%. Over the past decade, the trade balance has exhibited significant fluctuations with notable declines between 2014-2016 and substantial growth in 2018. The average annual growth rate (CAGR) for the forecasted period from 2024 to 2028 is projected to be 1.77%, reflecting stable but moderate growth.
Key trends to watch for the future include:
- Advances in pharmaceutical technologies and innovation.
- Global supply chain dynamics affecting imports and exports.
- Policy changes related to healthcare and trade regulations.
- Emerging market trends and the impact of global healthcare needs.