China to become top Singapore export destination by 2030

Followed by Indonesia then Malaysia.

According to HSBC's long term outlook, the recovery in Singapore’s exports will be driven by emerging economies.

"Slower but more balanced growth in China will provide opportunities for Singapore to expand its exports of financial services and consumer goods to the rising middle class in China," said HSBC, so that by 2030, China will become the top destination for Singapore’s exports followed by Indonesia and Malaysia.

"Strong growth in ICT and industrial machinery exports to China (greater than 10% per annum in 2016-20), will help to drive this as China’s economy becomes more technologically advanced. But countries outside of Asia will still be important, with the Middle East and North Africa continuing to be one of the fastest growing trade routes at 7% per annum in 2016-20," said HSBC.

Joseph Arena, Head of Global Trade and Receivables Finance, HSBC Singapore, commented: “While Singapore’s near-term trade prospects are clouded by weaker growth in China and emerging Asia more generally, its longer-term prospects are positive. Singapore’s strengths in ICT, industrial machinery, financial services and chemicals will help drive trade growth particularly as China’s economy becomes more advanced and prosperous.”