Slow domestic economic growth in SG to hit medical device imports

Singapore’s trade-dependent economy will slow to a 1.1% growth in 2023.

The Singapore domestic economy will negatively impact the imports of medical devices amidst uncertain economic conditions, Fitch Solutions said.

The research also showed that Singapore’s real GDP growth will decelerate in 2023 to 1.1%, declining from an estimated 3.6% in 2022.

READ: Singapore health costs to decline this year but still higher than 2019: Fitch

“The global economic slowdown will hinder Singapore’s economy, which is heavily trade-dependent, while domestic growth will also be hampered by tighter monetary and fiscal policy,” read the study.

The city-state is a major trading hub for the APAC region, with large numbers of imports re-exported and a significant share of its medical device imports are not used domestically and are instead re-exported. 

In 2022, the value of Singapore’s medical device imports was $6.2b, whilst the value of exports was $11.4b.