Between 2013 and 2023, the import of copper and articles thereof to Singapore experienced significant fluctuations in value, ranging from a low of 891.12 million USD in 2020 to a high of 1691.6 million USD in 2016. As of 2023, the import value stood at 1047.3 million USD. The series shows volatility with notable increases in 2016 and 2021 and significant dips in 2017 and 2020. In recent years, from 2021 to 2023, the year-on-year variations were relatively minor, indicating a stabilization trend.
Looking forward, the forecasted import values exhibit a gradual decrease from 1037.8 million USD in 2024 to 1002.2 million USD in 2028. The compound annual growth rate (CAGR) over the forecasted period is -0.69%, suggesting a slight downward trend in the import of copper to Singapore.
Future trends to watch for:
- Global copper prices and their impact on import values.
- Economic policies in Singapore affecting trade and import regulations.
- Technological advancements and their influence on copper demand.
