Disruptions include delays in raw material shipments, higher freight costs driven by global shortages in containers and vessels, and port congestion.
Supply chain disruptions are setting Singapore’s economy back by $2.6 billion per year, according to business transformation consultancy TMX Global.
TMX Global’s Country Manager of Malaysia and Singapore, Greg O’Shea, notes that Singapore had a GDP of US$423.6 billion last year. With supply chain disruptions impacting an average of 0.47% of business revenue around the world, businesses in Singapore are forfeiting an estimated $2.6 billion a year in sales.
