Singapore's exports of basic pharmaceutical products and pharmaceutical preparations to Indonesia have exhibited fluctuations over the past decade. From 2013 to 2023, export values peaked in 2016 and bottomed out in 2018, with an overall trend marked by intermittent upticks and downturns. In 2023, the export value stood at 137.88 million USD, showing a slight year-on-year increase of 0.67%.
The five-year CAGR from 2018 to 2023 was 1.19%, indicating modest growth. The forecasted period from 2024 to 2028 suggests a subdued annual growth rate, with a projected CAGR of 0.43%, culminating in a 2.16% growth over five years. Over the last two years of recorded data (2022 to 2023), the export value has shown marginal stability.
Future trends to watch for:
- The potential impact of new pharmaceutical regulations and trade policies between Singapore and Indonesia.
- Technological advancements and innovations in pharmaceutical manufacturing.
- Global economic conditions that may influence both production and demand in Indonesia.
- Market dynamics, such as a shift towards more generic versus branded drugs, affecting export values.
