SINGAPORE: Despite the spectre of a global trade war and shifts in supply chains, container throughput saw a 6.1 per cent increase for the first four months, compared with the same period last year.
“Container (throughput) has remained strong despite what’s happening around the world with greater turbulence and uncertainty and shifts in global supply chains,” said Transport Minister Chee Hong Tat.
“I hope this is something that can continue.”
Relaying these figures to the media at PSA Pasir Panjang Terminal Building 3 on Friday (May 16), Mr Chee added that in the near term, companies have boosted trade activity due to the pause in higher tariff rates, hence benefiting Singapore.
“There is actually a boost in terms of companies trying to do some front loading and catching up, trying to make full use of this window,” said Mr Chee.
The United States and China agreed on Monday to cut massive tariffs imposed on each other’s goods for 90 days.
Mr Chee said that for the first four months this year, container throughput reached 14.18 million twenty-foot equivalent unit (TEU) containers. In 2024, PSA Singapore – formerly known as the Port of Singapore Authority – handled a record 40.9 million TEUs.
“In the near term, certainly, I think there is some growth, but in the medium term, what we should pay attention to is how the shifts will eventually happen,” said Mr Chee, adding that the global economy is going through “transformation and shifts”, with new supply chains and business operations.
He said that Singapore’s port has to stay nimble and remain relevant even when customers shift the origin and destination of their goods, as well as the way cargo is transported.
“We want to make sure we put forth a strong value proposition for our customers, so that no matter how these shifts happen, they will all want to still pass through Singapore.”
“So yes, there will be negative impact in some areas, on some sectors, but there could be new opportunities that could emerge too,” he said.
He said that the uncertain trade situation is being closely watched by the new Singapore Economic Resilience Taskforce, which Mr Chee is a part of.
“Part of the work in this task force is also to identify and seize these new opportunities,” he said, noting that Deputy Prime Minister Gan Kim Yong, who chairs the task force, will give a further update.
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