In 2023, the import of agricultural, horticultural, or forestry machinery to Singapore stood at 11.5 Million US Dollars. In 2024, the import value is forecasted to be 10.708 Million US Dollars; this reflects a year-on-year decline of 6.9%. For 2025, the value drops to 9.9666 Million US Dollars, a further decrease of 6.9%. The trend continues with values forecasted at 9.2396 Million US Dollars for 2026 (7.3% drop), 8.5272 Million US Dollars for 2027 (7.7% drop), and 7.829 Million US Dollars for 2028 (8.2% drop).
Key Observations:
- Consistent year-on-year decline in import value from 2023 to 2028.
- Largest year-on-year percentage drop observed between 2027 and 2028 at 8.2%.
- Average annual decline (CAGR) over the forecast period stands at about 9.1%.
Future trends to watch for include potential shifts in global supply chains, advancements in local manufacturing capabilities, and government policies promoting self-sufficiency in these sectors which may influence import needs and patterns.
