The export value of US cherries to Singapore stood at $5.54 million in 2023, representing a 9.32% year-on-year increase from 2022. Over the past decade, the market experienced fluctuations, with notable growths in 2016 and 2018, and significant declines in 2017 and 2020. The Compound Annual Growth Rate (CAGR) over the last five years is minimal at 0.014%, reflecting overall low yet steady growth. Forecasted data for 2024 onwards suggest a moderate annual growth, with a five-year CAGR forecasted at 1.96% and an overall growth rate of 10.18% by 2028.
Future trends to watch for:
- Potential impacts of climate change on cherry production.
- Variations in consumer demand due to economic conditions in Singapore.
- Changes in trade policies between the US and Singapore.
- Advancements in agricultural technology and logistics impacting cherry exports.
