Indonesia's exports of Basic Pharmaceutical Products and Pharmaceutical Preparations to Singapore have seen a substantial growth trajectory over the past decade, rising from $16.98 million in 2013 to $161.2 million in 2023. Notably, the period from 2016 to 2017 showcased the most significant year-on-year growth with a spike of 116.97% followed by 56.46% respectively. This trend signifies a successful penetration of the Indonesian pharmaceutical market into Singapore over the years.
Key trends over the last two years include the year-on-year variation of -3.77% in 2022, followed by a rebound of 5.42% in 2023. Additionally, the compound annual growth rate (CAGR) over the last five years stands at 5.67%.
Future forecasted growth continues on an upward trend, with the value expected to reach $200.92 million by 2028, reflecting a forecast 5-year CAGR of 3.35% and a forecast 5-year growth rate of 17.89%.
Future Trends to Watch For:
• Potential market saturation affecting growth rates.• Regulatory changes in either country impacting trade.• Innovation and technological advancements in pharmaceutical production.• Shifts in global demand and supply chains due to external economic factors.
