Based on the provided data, Singapore's exports of Food, Beverages, and Tobacco Products to China have experienced significant fluctuations over the past decade. The value of exports peaked in 2013 and saw a considerable decline until 2016, with a notable drop of 26.3% in 2015. There was a gradual recovery starting from 2017, with some interspersed variability, leading up to 2022. By 2023, the exports value stood at 700.86 million USD, with a modest year-on-year increase of 0.81%. The Compound Annual Growth Rate (CAGR) over the past five years was slightly negative at -0.18%. Looking forward to the forecasted years, the exports are expected to continue a slow upward trend with a forecasted five-year CAGR of 0.65% and overall growth slightly above 3.3% by 2028.
Future trends to watch for include:
- Geopolitical shifts potentially impacting trade policies between Singapore and China.
- Changes in consumer preferences and demand for imported food and beverage products in China.
- Regulatory changes in China regarding food safety and import standards.
- Economic conditions influencing purchasing power and market demand in both countries.
- Technological advancements in agricultural production and supply chain efficiency impacting export volumes.