Ammonia imports to Singapore have shown fluctuating trends over the past decade, standing at $21.843 million USD in 2023. The year-on-year variations reveal instability, with significant jumps and drops, such as a sharp increase of 68.45% in 2015 followed by a decrease of 23.35% in 2016. Recent years have shown more stable growth, with year-on-year increases from 2.39% in 2022 to 2.29% in 2023. The five-year compound annual growth rate (CAGR) stands at 1.74% with a forecasted growth rate of 9.02% over the next five years to 2028. These insights indicate a steady, if moderate, upwards trend in ammonia imports.
Future trends to watch for:
- Global ammonia market volatility and its impact on import prices.
- Technological advancements in ammonia production and their influence on local supply and import necessity.
- Policy changes affecting trade agreements and import tariffs.
- Sustainability initiatives and their potential effect on ammonia usage and demand in various industries.
