Forecast: Import of Iron and Steel to Singapore

The import of iron and steel to Singapore is forecasted to decrease from 2.6537 billion USD in 2024 to 2.5851 billion USD by 2028. In 2023, the actual value stood at 2.670 billion USD.

Year-on-year variations indicate a gradual decline:

• -0.67% from 2023 to 2024
• -0.67% from 2024 to 2025
• -0.65% from 2025 to 2026
• -0.65% from 2026 to 2027
• -0.64% from 2027 to 2028

The compound annual growth rate (CAGR) over the next five years (2024 to 2028) indicates an average decline of approximately -0.65% per year.

Future trends to watch for include possible fluctuations in global steel prices, changes in Singapore’s domestic construction and manufacturing activities, and potential disruptions or innovations in supply chain logistics. Additionally, any geopolitical events affecting major steel-exporting countries could further influence these trends.