The import of inorganic chemicals, precious metal compounds, and isotopes to Singapore has shown varied growth trends over the years. From 2013 to 2020, fluctuations were evident with significant drops in specific years, such as a -15.62% decrease in 2020. The year 2021 marked a strong recovery with a 22.41% increase, followed by moderate growth in subsequent years.
By 2023, the import value stood at $1.273 billion, a 1.49% year-on-year increase compared to the previous year. The last five years (2018-2023) exhibited a compound annual growth rate (CAGR) of 1.51%. Forecasts from 2024 to 2028 predict a steady upward trend with a forecasted 5-year CAGR of 1.17%, reaching approximately $1.3707 billion by 2028.
Future trends to watch for:
- Technological advancements influencing demand for isotopes and inorganic chemicals.
- Economic policies and global trade agreements affecting import regulations.
- Environmental regulations and the shift towards sustainable materials impacting market dynamics.