Trade more, trade smarter – Lessons from Malaysia’s chicken ban for Singapore
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THE news that Malaysia may allow the export of chickens after Aug 31 is certainly welcome, particularly in Singapore.
Food prices were rising in Singapore even before Malaysia’s ban on poultry exports after June 1, 2022, driven by Covid-19 pressures and Russia’s invasion of Ukraine. Food inflation in Singapore grew to 5.4 per cent in June 2022, the highest jump since 2009, while core inflation reached a 14-year high of 4.4 per cent.
Even as the dust settles, this episode was a sober reminder that Singapore, which imports more than 90 per cent of its food, is highly vulnerable to external disruptions to its food supply. Singapore must continue seeking improvements to its external food supply chain through import diversification, while promoting and upgrading trade agreements to strengthen trade. Trade is not a weakness of Singapore’s geo-economic position, but the answer to Singapore’s food security.
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