Singapore’s Minister for Transport, Chee Hong Tat, announced a remarkable 6.1 per cent increase in container throughput for the first four months of 2024. This growth comes despite the ongoing turbulence in global trade, highlighting Singapore’s pivotal role as a key node in the international supply chain.
Container Throughput Figures
During a media briefing at PSA Pasir Panjang Terminal on 16 May 2024, Chee revealed that Singapore handled approximately 14.2 million twenty-foot equivalent units (TEUs) in the first third of the year, an encouraging sign amidst uncertainties. “Container throughput has remained strong despite the turbulence and shifts in global supply chains,” he stated.
Impact of Trade Policies
- Recent agreement between the United States and China to pause tariff hikes is contributing to a boost in trade activity.
- Chee noted that businesses are taking advantage of this opportunity to front-load their shipments.
Future Outlook
Although the current trends are promising, Chee warned of potential shifts in supply chains. He emphasised the need for Singapore to remain nimble. “We want to ensure our value proposition is strong enough so that, no matter how these shifts occur, companies will still choose to transit through Singapore,” he commented.
Singapore Economic Resilience Taskforce
The Minister is a member of the newly formed Singapore Economic Resilience Taskforce (SERT), aimed at addressing and seizing new economic opportunities. Further updates from the task force, chaired by Deputy Prime Minister Gan Kim Yong, are anticipated.
Technological Advancements
PSA Singapore is also focusing on technology enhancement, including trials of Autonomous Prime Movers (APMs) for container transport. Chee highlighted the importance of investment in technology to improve productivity within port operations.
Job Creation Initiatives
In line with its expansion plans, PSA intends to hire over 2,500 new employees this year across various roles. This will support operations not only at Pasir Panjang but also at the upcoming Tuas Port, which will vastly increase the nation’s port capacity by the 2040s.
Overall, while Singapore faces challenges from global economic shifts, the current growth in container throughput is a positive indicator for the nation’s maritime and trade sectors.