Booming commodity prices push Singapore's offshore trade up 50.5% to US$700bn

And the good news is that trading jobs actually grew 18.5 % with 11,250 new jobs created.

Singapore’s offshore trade community generated US$700 billion:

1. Total business spending from offshore trade players reached S$10.5 billion, an increase of 18% over 2009. This boosted the ancillary services sectors especially freight & logistics, and financial services in trade turnover last year, a 50.5% increase over 2009. This achieved a compound annual growth rate of 25% over the past decade. Singapore’s economy and job market also benefitted from the growth of this industry last year:
2. Total jobs created by offshore trade reached 11,250, an increase of 18.5% over 2009, with business spending for these two sectors totalling S$4.4 billion and S$750 million respectively.

The commodity world has seen major changes as trade flows shift to Asia, commodity prices increase and competition for natural resources heat up. Such trends and issues shaping the future of global trading systems and markets were addressed today at the fourth Global Trader Summit (GTS) 2011. Organised by International Enterprise (IE) Singapore, the lead government agency driving Singapore’s external economy, the GTS is a unique biennial Summit gathering Chief Executive Officers and senior personnel from the world’s largest commodity trading companies spanning the energy, metals and minerals, and agri-commodities clusters, according to an IE Singapore report.Guest of Honour, Mr Lim Hng Kiang, Minister for Trade and Industry, the Republic of Singapore, delivered a keynote address at the event. He shared insights on the changing global economy and Singapore as an ideal location to ride on the growth of Asia, including the commodities trading industry.

Said Mr Teo Eng Cheong, Chief Executive Officer (CEO) of IE Singapore, “Offshore trade contributes significantly to our economy through business spending and high quality employment. Singapore is the biggest physical commodities trading hub in Asia. With global trade flows shifting to Asia, Singapore is well positioned to capture trading activities due to two key reasons. First, we are close to many source and demand markets, and second, we have a sophisticated physical and financial infrastructure for trading.”

The GTS was well attended by 250 business leaders from the world’s top commodity trading companies. Delegates came from China, Europe, the US, Indonesia, South Korea, Europe, the Middle East and Africa. Themed “Game Changers in Global Trading” this year, the panel discussions at GTS looked at the evolving role of the trader, commodity pricing, management and leadership issues, sustainability issues, and accessing capital in Asia.