In 2023, the import value of knotted carpets and floor coverings to Singapore was higher than the forecasted values for subsequent years. From 2024 to 2028, the import value is expected to decrease annually. Specifically, the import values are set to fall by 6.22% in 2025, 6.50% in 2026, 6.83% in 2027, and 7.20% in 2028. On a broader scale, the Compound Annual Growth Rate (CAGR) indicates an average annual decline of 6.68% over the five-year period from 2024 to 2028.
Future trends to watch for:
- Shifts in sourcing and supply chain disruptions
- Changes in consumer preferences
- Impact of technology on production and demand
- Economic trends and trade policies affecting imports
- Sustainability and ethical sourcing concerns
