Commodity trading hits $28b in local business spending in 2017

Total employment in the wholesale trade sector also hit 15,300.

Sustained regional demand and pickup in economic growth buoyed commodity trading to hit $28b in local business spending, according to a report released by IE Singapore.

The sector also generated close to $1.2t in turnover amidst robust demand for natural gas, nickel and copper boosting investments in the sector.

Also read: Domestic wholesale trade up 6.6% in Q1

The trade sector also hired around 15,300 professionals, representing a 2.7% compound annual growth rate (CAGR) of 2.7% in the past five years.

Although the sector currently enjoys an uptrend as it rides on the back of macro economic recovery, commodity trading stands to benefit from greater digital adoption which can offer further growth opportunities, according to Dr Koh Poh Koon, Senior Minister of State for Trade and Industry.

To accelerate the adoption of open innovation and strengthen Singapore's trade ecosystem and capabilities, Enterprise Singapore will be rolling out the Trade Infrastructure Development Fund (TIDF) in the second half of this year which will lend support to efforts to develop innovative trade technologies and solutions including B2B digital marketplaces.

“Enterprise Singapore will continue to spearhead the development of Singapore into a leading global trade hub, and will actively work with our international and local traders to find new ways to drive growth, especially in this wave of digital transformation,” said Png Cheong Boon, CEO of Enterprise Singapore.