From 2013 to 2023, the export of sugar confectionery from Singapore witnessed fluctuations. In 2013, the export volume stood significantly higher compared to subsequent years. However, there was a sharp decline in exports in 2014, marking a nearly 50% drop from the previous year. The trend showed minor increases and decreases until 2018, which saw a notable uptick. Despite this, the subsequent years did not maintain this growth, with a general downward trend continuing. By 2023, the export volume settled at 8.9363 million kilograms.
The year-on-year variation over the last two years shows slight declines: a -2.77% decrease from 2021 to 2022 and a -2.79% from 2022 to 2023. The compound annual growth rate (CAGR) over the last five years stands at -4.58%, indicating a consistent reduction in export volume.
Forecast data from 2024 onwards suggests a continuous decline, with a forecasted 5-year CAGR of -2.58%, projecting further decreases in export volumes. By 2028, exports are expected to reduce to 7.595 million kilograms, marking a -12.24% change over five years.
Future trends to watch for include changes in global demand for sugar confectionery, trade policies impacting export capabilities, shifts in consumer preferences towards healthier alternatives, and potential growth in new markets that may influence Singapore’s export dynamics.
