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SINGAPORE'S total offshore trade turnover for commodities hit US$1.3 trillion in 2014, said International Enterprise (IE) Singapore on Tuesday.
In fact, the country has become Asia's most important commodities trading hub, thanks to its strategic geographic location, robust financial and trading infrastructure and reliable legal, regulatory, and tax framework.
Close to 80 per cent of the world's top commodity companies from each sector operates here, added IE Singapore.
"By supporting the development of deeper and more liquid commodity markets in the Asian time zone with products tailored around Asian needs, Singapore is creating significant benefits not only for commodity traders but also in supporting the needs of growing economies across Asia," said IE Singapore in a report on commodities trading hubs released on Tuesday.
Each year, US$10 trillion of commodities are produced and consumed globally - a figure expected to grow in tandem with the rise of the middle class worldwide.