CEO Morning Brief

Singapore Boosts Foreign Food Sources as Local Vegetable Supply Drops

edgeinvest
Publish date: Wed, 22 May 2024, 11:47 AM
TheEdge CEO Morning Brief

(May 21): Singapore, which has been ramping up food security measures, saw its local vegetables and seafood production decline last year.

“It has not been an easy journey for local farms,” the Singapore Food Agency said in a report released on Monday. The agency attributed the decline to delays during the Covid-19 pandemic, inflationary pressures, higher energy prices and labour costs.

Singapore, one of the world’s most densely populated countries, imports nearly everything its population consumes. The island has a goal to produce 30% of its nutritional needs locally by 2030 to cut reliance on imports, and cushion itself from the impact of supply disruptions.

Singapore raised its food supply sources to 187 countries and regions in 2023, up from 183 the previous year. The city approved mutton from Spain and chickens from Indonesia.

The food agency said it will continue to support local farms, which need sufficient consumer demand to be commercially viable. Local vegetables accounted for 7.3% of its food groups consumed last year, while seafood made up 3.2%.

Source: TheEdge - 22 May 2024

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