SMEs grapple with rising costs, stiff competition: survey

Singapore

THE recent economic data in Singapore may paint a rosy picture, but a recent report found that small and medium-sized enterprises (SMEs) are not out of the woods yet.

The Annual Business Survey 2017 by the Singapore Chinese Chamber of Commerce & Industry showed mixed findings; business sentiment may have gone up marginally, but more SMEs face rising business costs compared to the year before.

The survey polled 710 respondents during May to July 2017, out of which 94.4 per cent are SMEs.

Some 72.3 per cent face increased costs in 2017 - an increase of 10 percentage points compared to 2016. But despite the rising costs, 67.7 per cent of…